Accelerated Repurchase Program 2015
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 28, 2015
Date of report (Date of earliest event reported)
ALIGN TECHNOLOGY, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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0-32259 | | 94-3267295 |
(Commission File Number) | | (IRS Employer Identification No.) |
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2560 Orchard Parkway, San Jose, California | | 95131 |
(Address of Principal Executive Offices) | | (Zip Code) |
(408) 470-1000
(Registrant’s Telephone Number, Including Area Code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. Entry into a Material Definitive Agreement.
On April 23, 2014, Align Technology, Inc., a Delaware corporation (“Align”), announced a $300 million stock repurchase program (the “Program”), with $100.0 million of that amount authorized to be purchased by April 2015. We completed this initial $100.0 million repurchase in the first quarter of 2015. Subsequently, in January 2015, our Board of Directors authorized the next $100 million under the Program to be repurchased which we anticipate completing within twelve months. On April 28, 2015, Align entered into an accelerated share repurchase agreement (the “ASR Contract”) with Morgan Stanley & Co. LLC, (“Morgan Stanley”), to repurchase an aggregate of approximately $70.0 million of Align’s common stock. Under the ASR Contract, Align will make an initial payment of $70.0 million in the aggregate to Morgan Stanley and will receive an initial delivery of approximately eight hundred twenty-four thousand shares of common stock. The exact number of shares Align will repurchase under the ASR Contract will be based generally upon the average daily volume weighted average price of Align’s common stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Contract. At settlement, under certain circumstances, Morgan Stanley may be required to deliver additional shares of common stock to Align, or under certain circumstances, Align may be required either to deliver shares of common stock or to make a cash payment to Morgan Stanley. Final settlement of the transactions under the ASR Contract is expected to occur no later than approximately three months from April 29, 2015. The terms of the accelerated share repurchases under the ASR Contract are subject to adjustment if the Company were to enter into or announce certain types of transactions or to take certain corporate actions.
The ASR Contract contains the principal terms and provisions governing the accelerated share repurchases, including, but not limited to, the mechanism used to determine the number of shares that will be delivered, the required timing of delivery of the shares, the circumstances under which Morgan Stanley is permitted to make adjustments to valuation and calculation periods and various acknowledgements, representations and warranties made by Align, on the one hand, and Morgan Stanley, on the other hand, to one another. The foregoing description of the ASR Contract is a summary and is qualified in its entirety by the terms of the ASR Contract, a copy of which will be filed with the Company’s quarterly report on Form 10-Q for the quarter ending June 30, 2015.
A copy of the press release announcing Align’s entry into the ASR Contract is furnished herewith as Exhibit 99.1.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. | | Description |
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99.1 | | Press Release of Align Technology, Inc., dated April 28, 2015 announcing entry into accelerated share repurchase agreement |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: | April 29, 2015 | ALIGN TECHNOLOGY, INC. |
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| | By: /s/ Roger E. George |
| | Roger E. George |
| | Vice President, Corporate and Legal Affairs, General Counsel and Corporate Secretary
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Exhibit Index
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Exhibit No. | Exhibit Description |
99.1 | Press Release of Align Technology, Inc. dated April 28, 2015 announcing entry into accelerated share repurchase program |