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Align Technology Announces $50 Million Accelerated Stock Repurchase Program and a 10b5-1 Stock Repurchase Plan

May 04, 2016 (Marketwired via COMTEX) -- SAN JOSE, CA--(Marketwired - May 04, 2016) - Align Technology, Inc. ALGN, +1.30% today announced that it has entered into an accelerated stock repurchase agreement (ASR) with Morgan Stanley & Co. LLC to repurchase $50 million of Align's common stock as part of Align's $300 million stock repurchase program announced on April 23, 2014. Align previously completed the repurchase of $200 million of the program in November 2015.

Under the terms of the ASR, Align has agreed to repurchase $50 million of its common stock from Morgan Stanley, with an initial delivery of approximately 467,000 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 four months from May 4, 2016 and will be funded with the Company's cash on hand.

The Company also announced that it has entered into a stock repurchase plan under which the Company will repurchase up to $50 million of its common stock. This stock...