Align Technology Inc, San Jose, Calif, announced that it has entered into an accelerated stock repurchase agreement (ASR) with Morgan Stanley & Co LLC, to repurchase $200 million of Align’s common stock as part of Align’s $600 million stock repurchase program announced on May 23, 2018. 

Under the terms of the ASR, Align will receive an initial delivery of approximately 689,000 shares. The final number of shares to be repurchased will be based on Align’s volume-weighted average stock price during the term of the ASR transaction, less an agreed upon discount. The ASR transaction is expected to be completed approximately 3 months from July 30, 2019 and will be funded with Align’s cash on hand. As of June 30, 2019, Align had approximately 79.9 million shares outstanding and $765.9 million in cash, cash equivalents, and short-term and long-term investments.

In addition to the ASR, Align announced that Joe Hogan, president and CEO, intends to personally purchase $1.0 million of Align’s common stock.