: Align Technology in $250 million accelerated share repurchase agreement with Citibank

Medical device company Align Technology Inc. ALGN said Monday it has entered a $250 million accelerated share repurchase agreement with Citibank N.A. under the $1.0 billion stock buyback program announced on May 13, 2021. Under the terms of the deal, the digital orthodontics company will receive an initial delivery of about 580,000 shares. The final number will be based on the volume-weighted average stock price during the term of the ASR. The stock has fallen 30% in the last 12 months, while the S&P 500 SPX has fallen 8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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