Align Technology To Repurchase $250 Mln Shares

(RTTNews) - Align Technology, Inc. (ALGN), a medical device company, on Friday announced that it has entered into an accelerated stock repurchase or ASR agreement with Citibank, N.A., a unit of Citigroup Inc. (C), to repurchase its $250 million stock.

Under the ASR, the company will receive the initial delivery of around 1 million shares. It will be funded with Align's cash on hand.

The repurchase program is expected to be completed around January 30, 2024.

The ASR is part of Align's already approved $1.0 billion stock repurchase program.

Further, the company announced that its president and Chief Executive Officer Joe Hogan intends to personally purchase $1 million of its stock.

For the deal, Citi will use commercially reasonable efforts to conduct a portion of its hedging activity by purchasing through one or more designated brokers, including CastleOak, Securities LP, Drexel Hamilton, LLC, and Siebert Williams Shank & Co., LLC.

In pre-market activity, shares of Align are trading at $193.34, up 1.46% on Nasdaq.