Penumbra, Inc. (PEN) has announced that its Board of Directors has approved a share repurchase program authorizing the buyback of shares worth up to $200 million. This authorization is set to expire on July 31, 2025.
As part of this initiative, Penumbra entered into an accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association on August 12, 2024. Under this agreement, Penumbra will repurchase $100 million worth of its common stock. The company will make an initial payment of $100 million to the bank and, in turn, will receive an initial delivery of approximately 474,000 shares of its common stock.
