Align Technology Announces $50 Million Accelerated Stock Repurchase Program
November 08 2018 - 8:30AM
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 $50 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 has agreed to
repurchase $50 million of its common stock through Morgan
Stanley, with an initial delivery of approximately 142,677 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 November 7, 2018 and will be funded with the
Company's cash on hand.
As of September 30, 2018, the company had approximately 80.0
million shares outstanding and $613.2 million in cash, cash
equivalents and short-term and long-term investments.
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 StatementThis 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 and Align's expectation that it will
finance the ASR transaction with cash on hand. 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, 2017, which was filed with
the Securities and Exchange Commission (SEC)
on February 28, 2018. Align undertakes no obligation to revise
or update publicly any forward-looking statements for any
reason.
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|
Align Technology |
Ethos
Communication |
Madelyn Homick |
Shannon Mangum
Henderson |
(408) 470-1180 |
(678) 261-7803 |
mhomick@aligntech.com |
align@ethoscommunication.com |
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