Wix.com Announces Withdrawal of Registration Statement for Proposed Offering to Adverse Market Conditions.
Wix.com Ltd. (Nasdaq:WIX), a global web development platform, today announced that, due to adverse market conditions, it has withdrawn the registration statement on Form F-1 it filed on March 20, 2014 for the proposed public offering of ordinary shares by it and certain selling shareholders.
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In just the last month, the Wix share price has fallen by over a third from its high of $31, closing at just over $21 on Friday. At the latest price its market capitalization is now someUS$788 – a fall of more than US$390 million.
The company posted a net loss of US$28.7 million in 2013 on US$80.5 million revenue, 84% less than in 2012.
Wix pulls out of secondary offering
DIY website company Wix.com Ltd. (Nasdaq: WIX) today cancelled its planned secondary offering on Nasdaq, citing adverse market conditions. On March 20, the company filed with the US Securities and Exchange Commission (SEC) a Form F-1 registration statement for an offering of shares and an offer to sell by shareholders.
Wix’s share price has fallen from its high of $31 a month ago to close at $21.02 on Friday, giving a market cap of $788 million.
Wix is headquartered in Tel Aviv, and has offices in New York, San Francisco, the Lithuanian capital of Vilnius, and Dnepropetrovsk in eastern Ukraine. The company posted a GAAP-based net loss of $28.7 million in 2013 on $80.5 million revenue, 84% less than in 2012.
Published by Globes [online], Israel business news – www.globes-online.com – on March 31, 2014