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NEW YORK – Wix.com Ltd. (NASDAQ:), the world's leading SaaS platform, announced regulatory changes in Israel that will simplify the stock repurchase process for publicly traded companies like itself. These changes are effective immediately and remove the need for Israeli court approval, which was previously mandatory for such transactions, as long as certain conditions are met.
The Israeli Companies Regulation (Relief for Public Companies whose Securities are Traded on a Stock Exchange Outside Israel, 5760-2000), also known as the Remedies Regulation, still requires companies to obtain other necessary legal approvals. I am. This development will allow Wix to implement stock repurchase activities more quickly.
Wix is currently in the process of obtaining the necessary approvals under Israeli law pursuant to the new relief rules to carry out an additional $225 million share repurchase pursuant to the approval of its Board of Directors.
Founded in 2006, Wix has evolved from a website builder to a comprehensive platform offering a wide range of services including commerce and business solutions, advanced SEO, marketing tools, and AI technology. The platform is designed to provide high-performance, security, and reliable infrastructure for independent creators, agencies, and enterprises. Wix Studio, part of the Wix ecosystem, provides an advanced creation and management platform for agencies and freelancers.
Information in this article is based on a press release from Wix.com Ltd.
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