BeautyHealth Adopts $200M Stock Buyback Plan

Beauty Health Co SKIN Board of Directors has authorized a share repurchase program of up to $200 million of outstanding common stock.
The company entered into an accelerated share repurchase agreement (ASR) with JPMorgan Chase Bank N.A, to repurchase $100 million of its shares.
Under the ASR, the company will receive an initial delivery of approximately 7.7 million shares on September 29, 2022.
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Upon completion of the ASR, the company will have the authorization to repurchase an additional $100 million of shares.
The company expects to fund the repurchase with cash on hand. It held $821.0 million in cash and equivalents as of June 30, 2022.
Price Action: SKIN shares are trading higher by 11.35% at $11.58 on the last check Tuesday.