Azenta (AZTA) Stock Increased 1.81%: Details

By Amit Chowdhry ● Nov 24, 2022
  • The stock price of Azenta (AZTA) increased by 1.81% in the most recent trading session. This is why.

The stock price of Azenta (AZTA) increased by 1.81% in the most recent trading session.

Why: Azenta announced that it has entered into an accelerated share repurchase agreement (ASR) with JP Morgan Chase Bank, N.A. to repurchase $500 million of the company’s common stock. The ASR was entered into pursuant to the company’s previously announced $1.5 billion share repurchase authorization. Along with the ASR, Azenta intends to repurchase at least an additional $500 million in common stock over the next year.

Under the ASR, the company will make an initial payment of $500 million to JPMorgan and will receive an initial delivery of approximately 6.1 million shares of the Company’s common stock on November 28, 2022. The final number of shares to be repurchased will be based on the average of the daily volume-weighted average price of Azenta’s common stock during the term of the ASR, less a discount and subject to adjustments pursuant to the terms of the ASR. The final settlement of the ASR is expected to be completed by the end of Azenta’s third fiscal quarter ended June 30, 2023.