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.
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