Align Technology Announces $200 Million Accelerated Stock Repurchase Program
July 31 2019 - 8:00AM
Align Technology, Inc. (NASDAQ: ALGN) announced that it has
entered into an accelerated stock repurchase agreement ("ASR")
with Morgan Stanley & Co. LLC (“Morgan Stanley”), to
repurchase $200 million of Align's common stock as part
of Align's $600 million stock repurchase program
announced on May 23, 2018.
Under the terms of the ASR, Align will receive
an initial delivery of approximately 689,000 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
transaction, less an agreed upon discount. The ASR transaction is
expected to be completed approximately three months from July
30, 2019 and will be funded with Align’s cash on hand.
As of June 30, 2019, Align had approximately 79.9 million shares
outstanding and $765.9 million in cash, cash equivalents and
short-term and long-term investments.
In addition to the ASR, Align announced that Joe
Hogan, president and CEO, intends to personally purchase $1.0
million of Align’s common stock.
About Align Technology,
Inc. Align Technology designs and manufactures the
Invisalign® system, the most advanced clear aligner system in the
world, and iTero® intraoral scanners and services. Align’s products
help dental professionals achieve the clinical results they expect
and deliver effective, cutting-edge dental options to their
patients. Visit www.aligntech.com for more information.
For additional information about the Invisalign
system or to find an Invisalign doctor in your area, please visit
www.invisalign.com. For additional information about iTero digital
scanning system, please visit www.itero.com.
Forward-Looking Statement This
news release contains forward-looking statements including
statements regarding the expected completion date of the ASR
transaction, the number of shares of common stock that will be
initially delivered to Align under the ASR transaction, Align's
expectation that it will finance the ASR transaction with cash on
hand and Mr. Hogan’s intention to purchase shares of common stock.
Forward-looking statements contained in this news release relating
to expectations about future events or results are based upon
information available to Align as of the date hereof. Readers are
cautioned that these forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions
that are difficult to predict. As a result, actual results may
differ materially and adversely from those expressed in any
forward-looking statement.
These and other risks are detailed from time to
time in Align's periodic reports filed with the Securities and
Exchange Commission, including, but not limited to, its Annual
Report on Form 10-K for the year ended December 31, 2018, which was
filed with the Securities and Exchange Commission (SEC) on February
28, 2019 and its latest Quarterly Report on Form 10-Q for the
quarter ended March 31, 2019, which was filed with the SEC on May
2, 2019. Align undertakes no obligation to revise or update
publicly any forward-looking statements for any reason.
Investor Relations Contact |
|
Press Contact |
Madelyn Homick |
|
Shannon Mangum Henderson |
Align Technology,
Inc. |
|
Ethos Communication, Inc. |
(408) 470-1180 |
|
(678) 261-7803 |
mhomick@aligntech.com |
|
align@ethoscommunication.com |
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