Align Technology Announces $100 Million Accelerated Stock Repurchase Program
May 18 2021 - 8:30AM
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.
About Align Technology, Inc.
Align Technology designs and manufactures
the Invisalign® system, the most advanced clear aligner system in
the world, iTero® intraoral scanners and services, and exocad
CAD/CAM software. Align has helped treat over 10.2 million patients
with the Invisalign system and is driving the evolution in digital
dentistry with the iTero intraoral scanner and exocad CAD/CAM
software − modernizing today's practices by enabling enhanced
digital orthodontic and restorative workflows to improve patient
outcomes and practice efficiencies.
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 the
iTero digital scanning system, please visit www.itero.com. For
additional information about exocad dental CAD/CAM offerings and a
list of exocad reseller partners, please
visit www.exocad.com.
Forward-Looking Statements
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 repurchased and Align's expectation that it will
finance the ASR transaction with cash on hand as well as other
statements regarding the ASR. 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.
The foregoing and other risks are detailed from
time to time in our periodic reports filed with the Securities and
Exchange Commission, including, but not limited to, our Annual
Report on Form 10-K for the year ended December 31, 2020, which was
filed with the Securities and Exchange Commission (SEC) on February
26, 2021 and our Quarterly Report on Form 10-Q for the quarter
ended March 31, 2021, which was filed with the SEC on May 5, 2021.
Align undertakes no obligation to revise or update publicly any
forward-looking statements for any reason.
Align Technology |
Zeno Group |
Madelyn Homick |
Sarah Johnson |
(408) 470-1180 |
(828) 551-4201 |
mhomick@aligntech.com |
sarah.johnson@zenogroup.com |
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