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Under Armour announces $300M accelerated share repurchase agreements

Baltimore-based athletic apparel manufacturer Under Armour Inc. announced Friday it has entered accelerated share repurchase agreements with each of JPMorgan Chase Bank, National Association, Bank of America, N.A. and Citibank, N.A. to repurchase $300 million of its Class C common stock.

The ASRs were entered into pursuant to Under Armour’s recently announced share repurchase program, under which approximately $200 million of share repurchase authorization will remain available upon completion of the ASRs.

Under the ASRs, Under Armour will pre-pay the $300 million purchase price to the dealers and will receive an initial delivery of approximately 16.2 million shares of Under Armour’s Class C common stock, with any remaining shares expected to be received in May 2022. The final number of shares to be repurchased will be based on the volume-weighted average price of Under Armour’s Class C common stock during the term of the ASRs, less an agreed discount and subject to adjustments pursuant to the terms of the ASRs.