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 (Nasdaq:WIX), a global web development platform, today announced that, due to adverse market conditions, it has withdrawn the registration statement on Form F-1 it filed on March 20, 2014 for the proposed public offering of ordinary shares by it and certain selling shareholders.
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