Align in pact for accelerated share buybacks; CEO to buy $2 million common stock
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Tempe, Arizona-based medical device firm Align Technology (NASDAQ:ALGN) has announced an accelerated share repurchase agreement with Citibank, under which the company expects to buy back $200 million of its common stock.
In addition, the company disclosed that its President and CEO Joe Hogan planned to personally purchase $2 million of its common stock.

The buyback agreement is line with a stock repurchase program introduced by Align (ALGN) in May last year.
Per the terms of the deal, the clear aligner maker will pay $200 million to Citi initially for the initial delivery of nearly 552,000 of its common stock.
The final transaction related to the agreement is expected to occur no later than July 26, 2022, the company added in a regulatory filing.

Align (ALGN) shares crashed last week after the companyâs quarterly financials fell short of Street forecasts for the first time in seven quarters amid an unfavorable operating environment.