Align Technology has entered into an accelerated stock repurchase agreement (ASR) with Morgan Stanley & Co to repurchase $200 million of its common stock as part of its $600 million stock repurchase program announced on May 23, 2018. Align will receive an initial delivery of about 689,000 shares. The final number of repurchased shares will be based on Align's volume-weighted average stock price during the term of the ASR transaction, less an agreed upon amount. The ASR transaction is expected to be completed approximately three months from July 30, 2019, and will be funded with Align's cash on hand. As of June 30, 2019, Align had about 79.9 million shares outstanding and $765.9 million in cash, cash equivalents, and short-term and long-term investments. Joe Hogan, president and CEO of Align, will personally purchase $1 million of Align's common stock.