Cadence Design Systems, Inc. (CDNS), a leading technology company in the electronic design automation industry, has recently made an announcement regarding its financial plans. The company has entered into an accelerated share repurchase (ASR) agreement with HSBC Bank USA, National Association, aimed at repurchasing an aggregate of $200 million of Cadence common stock.

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Accelerated Share Repurchase Agreement

Cadence Design Systems, Inc. has taken a significant step towards bolstering its financial position by initiating an accelerated share repurchase (ASR) agreement. In this agreement, Cadence will collaborate with HSBC Bank USA, National Association, to repurchase an aggregate of $200 million worth of its common stock. As part of the ASR agreement, Cadence will receive an initial share delivery of approximately 600,000 shares. The remaining shares, if any, will be settled in the third quarter of 2023 upon completion of the repurchases.