Align in pact with Goldman Sachs for $200M accelerated share buybacks
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Clear aligner maker Align Technology (NASDAQ:ALGN) has inked an accelerated share repurchase agreement with Goldman Sachs to buy back $200M worth of the company's common stock authorized under its $1B stock repurchase program announced in May.
Per the terms, Align (ALGN) will initially pay $200M to Goldman Sachs for an initial delivery of nearly 849K shares. The transactions are expected to settle before approximately Feb. 01, 2023.

The deal for accelerated share buybacks comes in the wake of Align's (ALGN) Q3 2022 financials which did not meet Street forecasts last week. The company cited macro uncertainty, weaker consumer sentiment, and forex impact as reasons for the underperformance.

Align (ALGN) shares have lagged the broader market over the past 12 months, losing ~70%, as indicated in this graph.