Align Technology Announces $250M Accelerated Stock Repurchase Agreement; Joe Hogan, President And CEO, Intends To Personally Purchase $1M Of Align's Common Stock
Portfolio Pulse from Benzinga Newsdesk
Align Technology, Inc. (NASDAQ:ALGN) has announced a new accelerated stock repurchase agreement with Citibank, N.A. to repurchase $250 million of Align's common stock under Align's $1.0 billion stock repurchase program. The company's CEO, Joe Hogan, also intends to personally purchase $1.0 million of Align's common stock. The repurchase program will operate under Rule 10b5-1 of the Securities Exchange Act of 1934.
October 27, 2023 | 12:32 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Align Technology's new accelerated stock repurchase agreement and CEO's personal stock purchase could potentially boost investor confidence and positively impact the company's stock price in the short term.
Stock repurchase programs are often seen as a sign of a company's confidence in its own stock, suggesting that it believes the stock is undervalued. This, combined with the CEO's personal stock purchase, could boost investor confidence and drive up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100