Penumbra announces $200M share repurchase authorization

Penumbra approved a share repurchase authorization in the amount of up to $200M, 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 with JPMorgan Chase Bank on August 12, 2024 to repurchase $100M of Penumbra’s common stock. Under the ASR, Penumbra will make an initial payment of $100M to the Dealer and will receive an initial delivery of approximately 474,000 shares of Penumbra’s common stock on August 13. The final settlement of the ASR is expected to be completed in Q3. Penumbra is funding the share repurchase under the ASR with cash on hand.