Align Technology Announces $100 Million Accelerated Stock Repurchase Program
November 01 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 Citibank,
N.A., to repurchase $100 million of Align's common stock
under Align’s $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 128,100 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 approximately three months after November 1, 2021 and
will be funded with Align’s cash on hand. As of September 30, 2021,
Align had approximately 78.9 million shares outstanding and $1.2
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. These technology building blocks enable enhanced
digital orthodontic and restorative workflows to improve patient
outcomes and practice efficiencies for over 210 thousand doctor
customers and is key to accessing Align’s 500 million consumer
market opportunity worldwide. Align has helped doctors treat over
11.6 million patients with the Invisalign system and is driving the
evolution in digital dentistry through the Align Digital Platform,
our integrated suite of unique, proprietary technologies and
services delivered as a seamless, end-to-end solution for patients
and consumers, orthodontists and GP dentists, and lab/partners.
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 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 June 30, 2021, which was filed with the SEC on August 4,
2021. Align undertakes no obligation to revise or update publicly
any forward-looking statements for any reason.
Align Technology |
Zeno Group |
Madelyn Valente |
Sarah Johnson |
(408) 470-1180 |
(828) 551-4201 |
mvalente@aligntech.com |
sarah.johnson@zenogroup.com |
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