Align Technology enters $250M accelerated stock repurchase; CEO & CFO to buy shares

ALIGN TECHNOLOGY INC

Entered $250M ASR with Citibank under existing $1B repurchase program from May 2021.
Initial delivery of ~580k shares; final number based on VWAP less discount; settlement by April 26, 2023.
CEO Joe Hogan to purchase $1M, CFO John Morici $0.2M of ALGN common stock personally.
As of Dec 31, 2022, ALGN had ~77.3M shares outstanding and $1B in cash and marketable securities.
Funding from cash on hand; Citi will use designated brokers including CastleOak, Drexel Hamilton, Siebert Williams.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALIGN TECHNOLOGY INC entered into accelerated share repurchase agreement (the "ASR Contract") with Citibank, N.A. valued at $250 million (effective 2023-02-03).

Action: entry
Agreement: equity purchase
Counterparty: Citibank, N.A.
Value: $250 million
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, Align Technology, Inc., a Delaware corporation (the "Company") entered into an accelerated share repurchase agreement (the "ASR Contract") with Citibank, N.A. ("Citi") to repurchase $250 million of Align's common stock authorized under the Company's $1.0 billion stock repurchase program announced on May 13, 2021.

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ALIGN TECHNOLOGY INC filing history →

Source: SEC EDGAR

accession 0001097149-23-000009

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