NEW
YORK, March 18, 2024 /PRNewswire/
-- Wix.com Ltd. (Nasdaq: WIX) ("Wix, "we," "our" or the
"Company"), today announced amendments to the Israeli Companies
Regulations (Relief for Public Companies Whose Securities are
Traded on Stock Exchanges Outside of Israel, 5760-2000), (the "Relief
Regulations") which eliminate, subject to certain conditions,
the requirement to obtain mandatory Israeli court approval for
share repurchases for companies that were otherwise required to
obtain such approval. Companies are still subject to other
necessary legal approvals outside of the previously mandatory
Israeli court approval.
These Relief Regulations will streamline required regulatory
approvals for share repurchases, allowing Wix to expedite its
ability to begin execution of share repurchase activity.
As previously announced, Wix is in the process of pursuing the
necessary approvals required under Israeli law, now under the new
Relief Regulations, for $225 million
in additional share repurchases, as authorized by the Board of
Directors.
About Wix.com Ltd.
Wix is the leading SaaS website
builder platform to create, manage, and grow a global, digital
presence1. What began as a website builder in
2006 is now a complete platform providing self-creators, agencies,
and enterprises, with distinguished performance, security, and a
reliable infrastructure. With a focus on continuous innovation, a
wide range of commerce and business solutions, advanced SEO,
marketing tools, and industry-leading AI technologies, Wix users
have full ownership of their brand and unmatched creative
freedom. Complimenting the Wix platform for self-creators, Wix
Studio is an advanced creation and management platform for
agencies and freelancers.
For more about Wix, please visit our Press Room at
https://www.wix.com/press-room/home.
Investor Relations: ir@wix.com
Media Relations Contact: PR@wix.com
Forward-Looking Statements
This document contains
forward-looking statements, within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Important factors that could
cause our actual results to differ materially from those indicated
in the forward-looking statements include, among others, our
expectations relating to the repurchase of Company securities
pursuant to our repurchase program and the effect of the Relief
Regulation; our expectation that we will be able to attract and
retain registered users and generate new premium subscriptions, in
particular as we continuously adjust our marketing strategy and as
the macroeconomic environment continues to be turbulent; our
expectation that we will be able to increase the average revenue we
derive per premium subscription, including through our partners;
our expectations related to our ability to develop relevant and
required products using Artificial Intelligence ("AI"), the
regulatory environment impacting AI-related activities including
privacy and intellectual property aspects, and potential
competition from third-party AI tools which may impact our
business; our expectation that new products and developments, as
well as third-party products we will offer in the future within our
platform, will receive customer acceptance and satisfaction,
including the growth in market adoption of our online commerce
solutions; our assumption that historical user behavior can be
extrapolated to predict future user behavior, in particular during
the current turbulent macro-economic environment; our expectation
regarding the successful impact of our previously announced
Cost-Efficiency Plan and other cost saving measures we may take in
the future; our prediction of the future revenues and/or bookings
generated by our user cohorts and our ability to maintain and
increase such revenue growth, as well as our ability to generate
and maintain elevated levels of free cash flow and profitability;
our expectation to maintain and enhance our brand and reputation;
our expectation that we will effectively execute our initiatives to
improve our user support function through our Customer Care team,
and that our recent downsizing of our Customer Care team will not
affect our ability to continue attracting registered users and
increase user retention, user engagement and sales; our plans to
successfully localize our products, including by making our
product, support and communication channels available in additional
languages and to expand our payment infrastructure to transact in
additional local currencies and accept additional payment methods;
our expectation regarding the impact of fluctuations in foreign
currency exchange rates, interest rates, potential illiquidity of
banking systems, and other recessionary trends on our business; our
expectation that we will effectively manage our infrastructure; our
expectations regarding the outcome of any regulatory investigation
or litigation, including class actions; our expectations regarding
future changes in our cost of revenues and our operating expenses
on an absolute basis and as a percentage of our revenues, as well
as our ability to achieve and maintain profitability; our
expectations regarding changes in the global, national, regional or
local economic, business, competitive, market, and regulatory
landscape, including as a result of the Israel-Hamas war and/or the
Ukraine-Russia war and any escalations thereof; our
planned level of capital expenditures and our belief that our
existing cash and cash from operations will be sufficient to fund
our operations for at least the next 12 months and for the
foreseeable future; our expectations with respect to the
integration and performance of acquisitions; our ability to attract
and retain qualified employees and key personnel; and our
expectations about entering into new markets and attracting new
customer demographics, including our ability to successfully
attract new partners large enterprise-level users and to grow our
activities with these customer types as anticipated and other
factors discussed under the heading "Risk Factors" in the Company's
annual report on Form 20-F for the year ended December 31, 2022 filed with the Securities and
Exchange Commission on March 30,
2023. The preceding list is not intended to be an exhaustive
list of all of our forward-looking statements. Any forward-looking
statement made by us in this press release speaks only as of the
date hereof. Factors or events that could cause our actual results
to differ may emerge from time to time, and it is not possible for
us to predict all of them. We undertake no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future developments or otherwise.
1 Based on number of active live sites as
reported by competitors' figures, independent third-party-data and
internal data as of Q3 2023.
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SOURCE Wix Com Ltd