Wix.com’s extension of share repurchase program approved by Israeli court

Wix.com announced that, on January 4, the Israeli court authorized the company to extend its repurchase program for an additional six months through July 4. This authorization provides for the repurchase of up to $110M of company ordinary shares and/or convertible notes. The company may file extension requests with the court on an ongoing basis as required. This new authorization by the court replaces the prior repurchase authorization, which expired December 31, 2022. As of December 31, 2022, the Company repurchased 2,928,611 ordinary shares representing approximately 5% of the Company’s total ordinary shares issued and outstanding, for an aggregate purchase price of $243M, or an average price per share of $83. This new authorization by the court will allow the company to continue to repurchase ordinary shares up to the $57M remaining balance under the approved repurchase program. The company cannot repurchase securities beyond the amount authorized by the board and would need additional board authorization to use the entire $110M authorized by the court.