{"id":728862,"date":"2023-02-06T08:33:14","date_gmt":"2023-02-06T13:33:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/"},"modified":"2023-02-06T08:33:14","modified_gmt":"2023-02-06T13:33:14","slug":"align-technology-announces-250-million-accelerated-stock-repurchase-agreement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/","title":{"rendered":"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement<\/b><\/p>\n<p class=\"bwalignc\"><b>Joe Hogan, president and CEO, and John Morici, CFO and executive vice president, global finance, intend to personally purchase $1.0 million and $0.2 million, respectively, of Align\u2019s common stock<\/b><\/p>\n<p>TEMPE, Ariz.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAlign Technology, Inc. (\u201cAlign\u201d) (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign\u00ae system of clear aligners, iTero\u2122 intraoral scanners, and exocad\u2122 CAD\/CAM software for digital orthodontics and restorative dentistry, today announced that it has entered into a new accelerated stock repurchase agreement (&#8220;ASR&#8221;) with Citibank, N.A. (\u201cCiti\u201d), to repurchase $250 million of Align&#8217;s common stock under Align\u2019s $1.0 billion stock repurchase program announced on May 13, 2021.\n<\/p>\n<p>\n&#8220;We&#8217;re pleased to announce this latest $250 million ASR, which reflects the strength of our balance sheet and cash flow generation, as well as management\u2019s and the Board&#8217;s continued confidence in our ability to capitalize on the large market opportunities in our target markets and trajectory for growth,&#8221; said John Morici, Align CFO. &#8220;Returning capital to our shareholders through stock repurchase programs while simultaneously investing in our strategic growth drivers, is consistent with our capital allocation strategy and commitment to increasing shareholder value.&#8221;\n<\/p>\n<p>\nOur 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 December 31, 2022, Align had approximately 77.3 million shares outstanding and $1.0 billion in cash, cash equivalents and short-term and long-term marketable securities.\n<\/p>\n<p>\nUnder the terms of the ASR, Align will receive an initial delivery of approximately 580 thousand shares. The final number of shares to be repurchased will be based on Align&#8217;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 April 26, 2023 and will be funded with Align\u2019s cash on hand.\n<\/p>\n<p>\nPursuant 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 &amp; Co., LLC.\n<\/p>\n<p>\nIn addition to the ASR, Align announced that Joe Hogan, president and CEO, and John Morici, CFO and executive vice president, global finance intend to personally purchase $1.0 million and $0.2 million, respectively, of Align\u2019s common stock.\n<\/p>\n<p><b><span class=\"bwuline\">About Align Technology, Inc.<\/span><\/b><\/p>\n<p>\nAlign Technology designs and manufactures the Invisalign\u00ae system, the most advanced clear aligner system in the world, iTero\u2122 intraoral scanners and services, and exocad\u2122 CAD\/CAM software. These technology building blocks enable enhanced digital orthodontic and restorative workflows to improve patient outcomes and practice efficiencies for over 239 thousand doctor customers and are key to accessing Align\u2019s 500 million consumer market opportunity worldwide. Over the past 25 years, Align has helped doctors treat over 14.5 million patients with the Invisalign system and is driving the evolution in digital dentistry through the Align Digital Platform\u2122, 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 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.aligntech.com&amp;esheet=53302121&amp;newsitemid=20230206005196&amp;lan=en-US&amp;anchor=www.aligntech.com&amp;index=1&amp;md5=f557c88bb49d931b6891f01fd86fce66\">www.aligntech.com<\/a> for more information.\n<\/p>\n<p>\nFor additional information about the Invisalign system or to find an Invisalign trained doctor in your area, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.invisalign.com&amp;esheet=53302121&amp;newsitemid=20230206005196&amp;lan=en-US&amp;anchor=www.invisalign.com&amp;index=2&amp;md5=268f7edf9d043e74808aa8253ccf17a1\">www.invisalign.com<\/a>. For additional information about the iTero digital scanning system, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.itero.com&amp;esheet=53302121&amp;newsitemid=20230206005196&amp;lan=en-US&amp;anchor=www.itero.com&amp;index=3&amp;md5=088db3c7977e04fa0bcc0091184e7e31\">www.itero.com<\/a>. For additional information about exocad dental CAD\/CAM offerings and a list of exocad reseller partners, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.exocad.com&amp;esheet=53302121&amp;newsitemid=20230206005196&amp;lan=en-US&amp;anchor=www.exocad.com&amp;index=4&amp;md5=f0de5c6e2308b6bcd5568b3c1793ba74\">www.exocad.com<\/a>.\n<\/p>\n<p>\nInvisalign, iTero, exocad, Align and Align Digital Platform are trademarks of Align Technology, Inc.\n<\/p>\n<p><b><span class=\"bwuline\">Forward-Looking Statements<\/span><\/b><\/p>\n<p>\nThis 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 and the new stock repurchase program, Align&#8217;s expectation that it will finance the ASR transaction and the new stock repurchase program with cash on hand as well as other statements regarding the ASR and the new stock repurchase program, and the anticipated amount and timing of purchases of stock by Align&#8217;s president and CEO and CFO. 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.\n<\/p>\n<p>\nThe 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, 2021, which was filed with the Securities and Exchange Commission on February 25, 2022 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, which was filed with the SEC on November 4, 2022. Align undertakes no obligation to revise or update publicly any forward-looking statements for any reason.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230206005196r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230206005196\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230206005196\/en\/<\/a><\/span><\/p>\n<p><span class=\"bwuline\">Align Technology<br \/>\n<\/span><br \/>Madelyn Valente<br \/>\n<br \/>(909) 833-5839<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:mvalente@aligntech.com\">mvalente@aligntech.com<br \/>\n<\/a><\/p>\n<p><span class=\"bwuline\">Zeno Group<br \/>\n<\/span><br \/>Sarah Johnson<br \/>\n<br \/>(828) 551-4201<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:sarah.johnson@zenogroup.com\">sarah.johnson@zenogroup.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Arizona<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Health Dental Medical Devices<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230206005196\/en\/1470772\/3\/Align_tagline_vertical_RGB_charcoal_2c.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement Joe Hogan, president and CEO, and John Morici, CFO and executive vice president, global finance, intend to personally purchase $1.0 million and $0.2 million, respectively, of Align\u2019s common stock TEMPE, Ariz.&#8211;(BUSINESS WIRE)&#8211; Align Technology, Inc. (\u201cAlign\u201d) (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign\u00ae system of clear aligners, iTero\u2122 intraoral scanners, and exocad\u2122 CAD\/CAM software for digital orthodontics and restorative dentistry, today announced that it has entered into a new accelerated stock repurchase agreement (&#8220;ASR&#8221;) with Citibank, N.A. (\u201cCiti\u201d), to repurchase $250 million of Align&#8217;s common stock under Align\u2019s $1.0 billion stock repurchase program announced on May 13, 2021. &#8220;We&#8217;re pleased to announce this &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-728862","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement Joe Hogan, president and CEO, and John Morici, CFO and executive vice president, global finance, intend to personally purchase $1.0 million and $0.2 million, respectively, of Align\u2019s common stock TEMPE, Ariz.&#8211;(BUSINESS WIRE)&#8211; Align Technology, Inc. (\u201cAlign\u201d) (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign\u00ae system of clear aligners, iTero\u2122 intraoral scanners, and exocad\u2122 CAD\/CAM software for digital orthodontics and restorative dentistry, today announced that it has entered into a new accelerated stock repurchase agreement (&#8220;ASR&#8221;) with Citibank, N.A. (\u201cCiti\u201d), to repurchase $250 million of Align&#8217;s common stock under Align\u2019s $1.0 billion stock repurchase program announced on May 13, 2021. &#8220;We&#8217;re pleased to announce this &hellip; Continue reading &quot;Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-06T13:33:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230206005196r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement\",\"datePublished\":\"2023-02-06T13:33:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\\\/\"},\"wordCount\":901,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230206005196r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\\\/\",\"name\":\"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement - 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(\u201cAlign\u201d) (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign\u00ae system of clear aligners, iTero\u2122 intraoral scanners, and exocad\u2122 CAD\/CAM software for digital orthodontics and restorative dentistry, today announced that it has entered into a new accelerated stock repurchase agreement (&#8220;ASR&#8221;) with Citibank, N.A. (\u201cCiti\u201d), to repurchase $250 million of Align&#8217;s common stock under Align\u2019s $1.0 billion stock repurchase program announced on May 13, 2021. &#8220;We&#8217;re pleased to announce this &hellip; Continue reading \"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/","og_site_name":"Market Newsdesk","article_published_time":"2023-02-06T13:33:14+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230206005196r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement","datePublished":"2023-02-06T13:33:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/"},"wordCount":901,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230206005196r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/align-technology-announces-250-million-accelerated-stock-repurchase-agreement\/","name":"Align Technology Announces $250 Million Accelerated Stock Repurchase Agreement - 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