Beauty Health Authorizes $200 Mln Share Buyback; Inks $100 Mln ASR Deal With JPMorgan
(RTTNews) - The Beauty Health Co. (SKIN) announced its Board of Directors has authorized a share repurchase program of up to $200 million of the Company's outstanding common stock.
In connection with the share repurchase authorization, the Company entered into an accelerated share repurchase agreement (ASR) with JPMorgan Chase Bank, N.A., to repurchase $100 million of the Company's common stock.
Upon completion of the ASR, the Company will have authorization to repurchase an additional $100 million of shares of common stock. It will make a payment of $100 million and will receive an initial delivery of approximately 7.7 million shares of the Company's common stock on September 29, 2022.
The company expects to fund the repurchase with cash on-hand. The final settlement of the ASR is expected to occur during the first quarter of 2023.
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