Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement
27 Ottobre 2023 - 2:30PM
Business Wire
Joe Hogan, president and CEO, intends to
personally purchase $1.0 million of Align’s common stock
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. (“Citi”), to repurchase $250 million of Align's common stock
under Align’s $1.0 billion stock repurchase program that was
approved by Align's Board of Directors in January 2023.
"We have an enormous opportunity in a vastly underpenetrated
market to continue driving the adoption of digital orthodontics and
restorative dentistry with the Invisalign System®, the most trusted
brand in the orthodontic industry globally,” said Joe Hogan,
president and CEO. “This latest $250 million ASR reflects our
continued confidence in the long-term value of Align and our
commitment to increasing shareholder value while balancing
investments to drive growth as we transform the orthodontic
industry."
Our latest stock repurchase program will operate in accordance
with guidelines, specified under Rule 10b5-1 of the Securities
Exchange Act of 1934. Accordingly, transactions, if any, will be
affected in accordance with the terms of the share repurchase
program, including specified prices, volumes, and timing
conditions. As of June 30, 2023, Align had approximately 76.5
million shares outstanding and $1.0 billion in cash, cash
equivalents and short-term and long-term marketable securities.
Under the terms of the ASR, Align will receive an initial
delivery of approximately one million 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
approximately January 30, 2024 and will be funded with Align’s cash
on hand.
Pursuant to the accelerated share repurchase agreement, Citi
will use commercially reasonable efforts to conduct a portion of
its hedging activity by effecting purchases through one or more
designated brokers, including CastleOak Securities LP, Drexel
Hamilton, LLC, and Siebert Williams Shank & Co., LLC.
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, 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 252 thousand doctor customers
and are key to accessing Align’s 600 million consumer market
opportunity worldwide. Over the past 26 years, Align has helped
doctors treat over 16.4 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 trained 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.
Invisalign, iTero, exocad, Align and Align Digital Platform are
trademarks of Align Technology, Inc.
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 under the ASR, Align's expectation that it will finance
the ASR transaction with cash on hand as well as other statements
regarding the ASR, and the anticipated amount and timing of
purchases of stock by Align's president and CEO. 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, 2022, which was filed
with the Securities and Exchange Commission on February 27, 2023
and our Quarterly Report on Form 10-Q for the quarter ended June
30, 2023, which was filed with the SEC on August 4, 2023. Align
undertakes no obligation to revise or update publicly any
forward-looking statements for any reason.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231027081525/en/
Align Technology Madelyn Valente
(909) 833-5839 mvalente@aligntech.com Zeno
Group Sarah Johnson (828) 551-4201
sarah.johnson@zenogroup.com
Grafico Azioni Align Technology (NASDAQ:ALGN)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Align Technology (NASDAQ:ALGN)
Storico
Da Giu 2023 a Giu 2024