The number of shares the company will repurchase will be based on market conditions, stock price, trading volume and other factors, according to a Nov. 6 news release from Align.
Align will use its available cash to make the transactions.
In addition, Joe Hogan, president and CEO of Align, plans to personally repurchase $1 million of common stock on top of the $1 million he purchased in October.
Align plans to complete the repurchasing of stock by the middle of December, the release said.
The company also entered into a $250 million repurchase agreement in October. Both are part of Align’s plan to repurchase $1 billion of its stock.
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