Benzinga | Aug 26, 2021 09:06AM EDT

Synopsys Initiates $175M Accelerated Share Repurchase Agreement With HSBC

Synopsys, Inc. (NASDAQ:SNPS) today announced that it has entered into an accelerated share repurchase agreement (ASR) with HSBC Bank USA, National Association to repurchase an aggregate of $175 million of Synopsys stock.

Under the terms of the ASR, Synopsys will receive an aggregate initial share delivery of approximately 431,000 shares, with the remainder, if any, to be settled on or before November 24, 2021, upon completion of the repurchases. The specific number of shares that Synopsys ultimately repurchases under the ASR will be based on the average of Synopsys' daily volume-weighted average share prices during the repurchase period, less a discount.