Align Technology (ALGN) Announces $100 Million Accelerated Stock Repurchase Program
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Align Technology, Inc. (“Align”) (Nasdaq: ALGN) a leading global medical device company that designs, manufactures, and sells the Invisalign system of clear aligners, iTero intraoral scanners, and exocad CAD/CAM software for digital orthodontics and restorative dentistry, today announced that it has entered into a new accelerated stock repurchase agreement ("ASR") with Goldman Sachs & Co LLC, to repurchase $100 million of Align's common stock under Align’s new $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 143,000 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 August 2021 and will be funded with Align’s cash on hand. As of March 31, 2021, Align had approximately 79.1 million shares outstanding and $1.1 billion in cash and cash equivalents.
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