Twitter Enters Accelerated Share Repurchase Agreements With Dealers

(RTTNews) - Twitter, Inc. (TWTR) has entered into accelerated share repurchase agreements (ASRs) with Morgan Stanley & Co. LLC and Wells Fargo Bank, National Association to repurchase $2 billion of the company's common stock. Under the ASRs, the company will pre-pay the $2 billion purchase price to the dealers and will receive an initial delivery of approximately 37.8 million shares of the company's common stock, with any remaining shares expected to be delivered by the end of the third quarter of 2022.

Ned Segal, Twitter's CFO, said: "Buying $2 billion of our shares in the near term, with flexibility to buy another $2 billion over time, enables us to balance our long-term strategy with returning capital to shareholders."