Cadence Design announced that it has entered into an accelerated share repurchase agreement with HSBC Bank, National Association to repurchase an aggregate of $200M of Cadence common stock. Under the ASR agreement, Cadence will receive an initial share delivery of approximately 600,000 shares, with the remainder, if any, to be settled in the third quarter of 2023 upon completion of the repurchases. The final number of shares that Cadence will repurchase under the ASR agreement will be based on Cadence’s daily volume-weighted average share prices during the term of the ASR agreement, less a discount.
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