Align Technology, Inc., 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, has entered into a new accelerated stock repurchase agreement (ASR) with Goldman Sachs & Co LLC, to repurchase $75m of Align’s common stock under Align’s $1.0bn stock repurchase programme announced on 13 May 2021.
Under the terms of the ASR, Align will receive an initial delivery of approximately 86,200 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 26 October 2021 and will be funded with Align’s cash on hand. As of 31 March 2021, Align had approximately 79.1m shares outstanding and $1.1bn in cash and cash equivalents.