- Lower (New York Stock Exchange: ALIT) has entered into an accelerated share repurchase (ASR) agreement with Barclays Bank PLC to repurchase $75 million of its ordinary shares as part of its existing share repurchase program.
- Under the terms of the ASR, Alight will make an initial payment of $75 million to Barclays Bank PLC and will receive an initial delivery of shares equal to 80% of the advance payment amount of $75 million, based on the closing price of Alight shares as of July 15, 2024.
- The final number of shares to be repurchased will be based on the volume-weighted average price of Alight's common stock over the life of the transaction.
- Final settlement of the transaction under the ASR is expected to occur during the third quarter of 2024.
- ALIT shares rose 1.10% in premarket trading on Tuesday.
