Aspen Technology Announces New $300 Million Share Repurchase Program
June 14 2021 - 5:00PM
Business Wire
Aspen Technology, Inc. (NASDAQ: AZPN) (“AspenTech”), a global
leader in asset optimization software, 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.
About Aspen Technology
AspenTech is a global leader in asset optimization software. Its
solutions address complex, industrial environments where it is
critical to optimize the asset design, operation and maintenance
lifecycle. AspenTech uniquely combines decades of process modelling
expertise with artificial intelligence. Its purpose-built software
platform automates knowledge work and builds sustainable
competitive advantage by delivering high returns over the entire
asset lifecycle. As a result, companies in capital-intensive
industries can maximize uptime and push the limits of performance,
running their assets safer, greener, longer and faster. Visit
AspenTech.com to find out more.
Forward-Looking Statements
Statements made in the second and third paragraphs of this press
release that are not statements of historical fact are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
include those relating to AspenTech’s new share repurchase program
(including the ASR agreement) and its Fiscal Year 2022 share
repurchase program as well as future events pursuant to those
programs (including the ASR agreement), potential additional
purchases on the open market and any effects, results or other
matters related thereto. These statements are based upon the
current beliefs and expectations of AspenTech’s management and are
subject to significant risks, uncertainties, and other factors.
These statements can be affected by inaccurate assumptions and by
known and unknown risks and uncertainties that are difficult to
predict or beyond AspenTech’s control, including, among others, the
terms of the ASR agreement and factors affecting the final number
and price of shares to be purchased under the ASR agreement,
including the volume-weighted average stock price of AspenTech’s
common stock and actions taken by JPMorgan with respect to such
agreement, events and transactions that could result in the
termination of the ASR agreement, the price of AspenTech’s common
stock, and decisions by AspenTech regarding open market repurchases
in light of the totality of information available to AspenTech.
Additional factors and risks are described in AspenTech’s periodic
reports filed with the Securities and Exchange Commission, and they
are available on the Securities and Exchange Commission's website
at www.sec.gov. Forward-looking statements are made based on
information available to AspenTech on the date of this press
release, and AspenTech assumes no obligation to update the
information contained in this press release.
© 2021 Aspen Technology, Inc. AspenTech and the Aspen leaf logo
are trademarks of Aspen Technology, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210614005779/en/
Media Contact Len Dieterle AspenTech +1 781-221-4291
len.dieterle@aspentech.com Investor Contact Brian Denyeau
ICR +1 646-277-1251 brian.denyeau@icrinc.com
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