The company will initially receive approximately 1 million shares of its stock as part of the agreement. As of June 30, Align had about 76.5 million outstanding shares, according to an Oct. 27 news release from the company.
Joe Hogan, CEO and president of Align, plans to personally repurchase $1 million in common stock.
The agreement is part of the company’s plan to repurchase $1 billion of its stock, which was approved by the company’s board in January, the release said.