Align Technology enters $200M accelerated stock repurchase agreement
Align Technology (NASDAQ:ALGN) has announced an accelerated stock repurchase agreement with Goldman Sachs to repurchase $200M of its common stock as part of the $1B stock repurchase program announced in May.
Under the terms of the agreement, the medical device company will receive an initial delivery of ~849K shares.

The transaction will be funded with cash on hand and is expected to complete by Feb. 1, 2023.
As of Sep. 30, 2022, Align (ALGN) had ~78.2M shares outstanding and $1.1B in cash, cash equivalents, and short-term and long-term marketable securities.
After this current accelerated stock repurchase, there will be approximately $250M remaining available under the stock repurchase program.
In addition to the agreement, company CEO Joe Hogan plans to personally purchase $2M of Align's (ALGN) common stock, in addition to his $2M purchase in May 2022.
ALGN shares were up 1.10% premarket