Aspen Technology (AZPN) Announces $300M Share Repurchase Plan
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Aspen Technology, Inc. (NASDAQ: AZPN) (“AspenTech”) announced today that its Board of Directors has authorized a new share repurchase program under which AspenTech may repurchase up to $300 million of its outstanding shares of common stock in Fiscal Year 2022.
The new share repurchase program includes an accelerated share repurchase (“ASR”) agreement with JPMorgan Chase Bank, National Association (“JPMorgan”), to repurchase up to $150 million of AspenTech’s common stock. The ASR agreement is anticipated to become effective on July 1, 2021, subject to AspenTech’s early termination option. The final settlement of the transactions under the ASR agreement is expected to take place in AspenTech’s first quarter of Fiscal Year 2022. The remaining up to $150 million in authorized share repurchases are expected to occur over the last three quarters of Fiscal Year 2022, subject to market conditions and other considerations.
Additionally, AspenTech recently resumed its share repurchase activity in the fourth fiscal quarter of 2021, and anticipates repurchasing up to $50 million of stock by June 30, 2021 under its previously authorized Fiscal Year 2021 share repurchase program, subject to market conditions and other considerations.
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Create E-mail Alert Related CategoriesCorporate News, Stock Buybacks
Related EntitiesJPMorgan, Stock Buyback
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