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BeautyHealth Enters Into $100 Million Accelerated Share Repurchase Agreement
LONG BEACH, Calif.--(BUSINESS WIRE)-- The Beauty Health Company (NASDAQ: SKIN), home to flagship brand Hydrafacial, today announced that it has entered into
About this update from Skinhealth Systems Inc.
[{"type":"text","content":" LONG BEACH, Calif.--(BUSINESS WIRE)--\nThe Beauty Health Company (NASDAQ: SKIN), home to flagship brand Hydrafacial, today announced that it has entered into an accelerated share repurchase agreement (“ASR”) with JP Morgan Chase Bank, N.A., to repurchase an additional $100 million of the Company’s common stock. The ASR transaction was entered into pursuant to BeautyHealth’s existing share repurchase program announced on September 27, 2022, of which $100 million remained as of November 9, 2022.\n\nUnder the ASR, the Company will make a payment of $100 million and will receive an initial delivery of approximately 9.5 million shares of the Company’s common stock on November 14, 2022. The Company expects to fund the repurchase with cash on-hand. The final number of shares to be repurchased will be based on the average of the daily volume-weighted average price of the Company’s common stock during the term of the ASR, less a discount and subject to adjustments pursuant to terms of the ASR. The final settlement of the ASR is expected to occur by the end of the second quarter of 2023.\n\nBeautyHealth President and Chief Executive Officer Andrew Stanleick commented: “Following our strong Q3 results, today’s announcement underscores the executive team’s and the Board of Directors’ confidence in BeautyHealth’s business, community, financial position and long-term growth outlook. We will remain in a strong cash position after the execution of this buyback.\n\n“As we head toward the end of the year, wrapping up an intentional two-year period of elevated investment in the business to build our infrastructure, we are well positioned to drive and accelerate profitable growth across the globe.”\n\nAbout The Beauty Health Company\n\nThe Beauty Health Company (NASDAQ: SKIN) is a global category-creating company delivering beauty health experiences that help consumers reinvent their relationship with their skin, bodies and self-confidence. Our flagship brand, Hydrafacial, created the category of hydradermabrasion by using a patented vortex-fusion delivery system to cleanse, extract, and hydrate the skin with proprietary solutions and serums. Hydrafacial provides a non-invasive and approachable skincare experience. Together, with our powerful community of aestheticians, consumers and partners, we are personalizing skin care solutions for all ages,...