To Include $100
Million Accelerated Share Repurchase
ALAMEDA,
Calif., Aug. 13, 2024 /PRNewswire/ -- Penumbra,
Inc. (NYSE: PEN), the world's leading thrombectomy company, today
announced that its Board of Directors approved on August 5, 2024 a share repurchase authorization
in the amount of up to $200 million,
allowing Penumbra to repurchase its common stock from time to time
at such prices as it deems appropriate through open market
purchases, block transactions, privately negotiated transactions,
including accelerated share repurchase transactions, or otherwise.
The repurchase authorization expires on July
31, 2025.
Under this authorization, Penumbra entered into an accelerated
share repurchase agreement ("ASR") with JPMorgan Chase Bank,
National Association (the "Dealer") on August 12, 2024 to repurchase $100 million of Penumbra's common stock.
Under the ASR, Penumbra will make an initial payment of
$100 million to the Dealer and will
receive an initial delivery of approximately 474,000 shares of
Penumbra's common stock on August 13,
2024. The final number of shares to be repurchased will be
based on the average of the daily volume-weighted average prices of
Penumbra'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 in
the third quarter of 2024. Penumbra is funding the share
repurchase under the ASR with cash on hand.
Cautionary Statement Concerning Forward-Looking
Statements
Except for historical information, certain
statements in this press release are forward-looking in nature and
are subject to risks, uncertainties and assumptions. These
statements are neither promises nor guarantees but involve a
variety of risks and uncertainties and, consequently, actual
results may differ materially from those projected by any
forward-looking statements. Forward-looking statements in this
communication include, but are not limited to, statements about
Penumbra's share repurchase program, the transactions under the
ASR, and the expected completion date of the ASR. Factors that
could cause actual results to differ from those projected include,
but are not limited to: failure to sustain or grow profitability or
generate positive cash flows; failure to effectively introduce and
market new products; delays in product introductions; significant
competition; inability to further penetrate Penumbra's current
customer base, expand Penumbra's user base and increase the
frequency of use of Penumbra's products by its customers; inability
to achieve or maintain satisfactory pricing and margins;
manufacturing difficulties; permanent write-downs or write-offs of
Penumbra's inventory or other assets; product defects or failures;
unfavorable outcomes in clinical trials; inability to maintain its
culture as Penumbra grows; fluctuations in foreign currency
exchange rates; potential adverse regulatory actions; and the
potential impact of any acquisitions, mergers, dispositions, joint
ventures or investments Penumbra may make; and other factors and
other risks, including those that Penumbra has described in its
filings with the Securities and Exchange Commission, including but
not limited to its Annual Reports on Form 10-K, Current Reports on
Form 8-K and our Quarterly Reports on Form 10-Q. There may be
additional risks of which Penumbra is not presently aware or that
it currently believe are immaterial which could have an adverse
impact on its business. Any forward-looking statements are based on
Penumbra's current expectations, estimates and assumptions
regarding future events and are applicable only as of the dates of
such statements. Penumbra makes no commitment to revise or update
any forward-looking statements in order to reflect events or
circumstances that may change. Penumbra undertakes no obligation to
update the information contained in this press release except as
required by law.
About Penumbra
Penumbra, Inc., the world's
leading thrombectomy company, is focused on developing the most
innovative technologies for challenging medical conditions such as
ischemic stroke, venous thromboembolism such as pulmonary embolism,
and acute limb ischemia. Our broad portfolio, which includes
computer assisted vacuum thrombectomy (CAVT), centers on removing
blood clots from head-to-toe with speed, safety and simplicity. By
pioneering these innovations, we support healthcare providers,
hospitals and clinics in more than 100 countries, working to
improve patient outcomes and quality of life. For more information,
visit www.penumbrainc.com and connect on Instagram, LinkedIn and
X.
Investor Relations
Penumbra, Inc.
investors@penumbrainc.com
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SOURCE Penumbra, Inc.