Align Technology Inks $250 Mln Accelerated Stock Repurchase Agreement With Citibank
(RTTNews) - Medical device company Align Technology, Inc. (ALGN) announced Monday that it has entered into a new accelerated stock repurchase agreement or ASR, with Citibank, N.A., to repurchase $250 million of Align's common stock under Align's $1.0 billion stock repurchase program announced on May 13, 2021.
Under the terms of the ASR, Align will receive an initial delivery of approximately 580 thousand shares. The final number of shares to be repurchased will be based on Align's volume-weighted average stock price during the term of the ASR, less an agreed upon discount.
The ASR transaction is expected to be completed by approximately April 26, 2023 and will be funded with Align's cash on hand.
Pursuant to the ASR agreement, Citi will use commercially reasonable efforts to conduct a portion of its hedging activity by effecting purchases through one or more designated brokers, including CastleOak Securities LP, Drexel Hamilton, LLC, and Siebert Williams Shank & Co., LLC.
In addition to the ASR, Align announced that Joe Hogan, president and CEO, and John Morici, CFO and executive vice president, global finance intend to personally purchase $1.0 million and $0.2 million, respectively, of Align's common stock.
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