BEDFORD, Mass .– (BUSINESS WIRE) – June 14, 2021–
Aspen Technology, Inc. (NASDAQ: AZPN) (“AspenTech”), a global leader in asset optimization software, today announced that its board of directors has authorized a new share buyback program in under which AspenTech can repurchase up to $ 300 million of its outstanding assets. ordinary shares during fiscal year 2022.
The new share repurchase program includes an Accelerated Share Repurchase Agreement (“ASR”) with JPMorgan Chase Bank, National Association (“JPMorgan”), to repurchase up to $ 150 million of common shares of AspenTech. The ASR deal is expected to come into effect on July 1, 2021, subject to AspenTech’s early termination option. Final settlement of transactions under the ASR deal is expected to occur in AspenTech’s first quarter of fiscal 2022. The remaining authorized share repurchases, up to $ 150 million, are expected to occur during the last three quarters of fiscal 2022, subject to market conditions and other considerations.
Additionally, AspenTech recently resumed its share buyback activities in fiscal fourth quarter 2021 and plans to repurchase up to $ 50 million of shares by June 30, 2021 as part of its share buyback program. shares previously authorized for fiscal year 2021, subject to market conditions and other considerations.
About Aspen technology
AspenTech is a global leader in asset optimization software. Its solutions are aimed at complex industrial environments where it is essential to optimize the lifecycle of the design, operation and maintenance of assets. AspenTech uniquely combines decades of process modeling expertise with artificial intelligence. Its specially designed software platform automates knowledge work and creates sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize availability and push the boundaries of performance, managing their assets safer, greener, longer and faster. Visit AspenTech.com to know more.
Statements made in the second and third paragraphs of this press release that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934., as amended. These statements include those relating to AspenTech’s new share buyback program (including the ASR agreement) and its share buyback program for fiscal year 2022 as well as future events under these programs (including including the ASR Agreement), potential additional purchases on the open market and any related effects, results or other matters. These statements are based on the current beliefs and expectations of AspenTech management and are subject to risks, uncertainties and other important factors. These statements may be affected by inaccurate assumptions and by known and unknown risks and uncertainties that are difficult to predict or beyond the control of AspenTech, including, among others, the terms of the ASR Agreement and factors affecting the number final and the price of the shares to buy. under the ASR Agreement, including the volume weighted average trading price of the ordinary shares of AspenTech and the actions taken by JPMorgan with respect to this agreement, events and transactions that could result in the termination of the ASR Agreement, the price of AspenTech’s common shares; and AspenTech’s decisions regarding open market repurchases in light of all of the information available to AspenTech. Additional factors and risks are described in AspenTech’s periodic reports filed with the Securities and Exchange Commission, and are available on the Securities and Exchange Commission website at www.sec.gov. Forward-looking statements are made based on information available to AspenTech as of the date of this press release, and AspenTech assumes no obligation to update any information contained in this press release.
© 2021 Aspen Technology, Inc. AspenTech and the Aspen Leaf logo are trademarks of Aspen Technology, Inc.
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KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY OTHER TECHNOLOGY SOFTWARE FINANCE CONSULTING BANKING
SOURCE: Aspen Technology, Inc.
Copyright Business Wire 2021.
PUB: 06/14/2021 5:00 PM / DISC: 06/14/2021 5:02 PM
Copyright Business Wire 2021.