Align Technology entered an agreement with Citibank to repurchase $200 million of Align's common stock under its $1 billion stock repurchase program.
The terms of the agreement state Align will receive an initial delivery of about 552,000 shares. The final shares are to be repurchased based on Align's volume-weighted average stock price during the term of the agreement, less an agreed upon discount, according to a May 2 news release.
The transaction is expected to be completed around July 26 and will be funded with Align's cash on hand.
Align had about 78.7 million shares outstanding and $1.1 billion in cash and cash equivalents as of Dec. 31.
Joe Hogan, president and CEO of Align, plans to personally purchase $2 million of Align's common stock, according to the release.