JWCA advises Penumbra on its $100 million Accelerated Share Repurchase

August 2024 | read press release

Transaction Background

J. Wood Capital Advisors acted as financial advisor to Penumbra, Inc. (“the “Company”), and led the execution of the Company’s first accelerated share repurchase program

• Assisted the Penumbra team with ASR design and documentation

• Created a process to achieve the best terms for Penumbra:

  • Led an auction process to drive highly competitive pricing and achieve the largest possible discount per share

  • Reviewed the documents to ensure company-friendly provisions

• Provided advice, support and analysis during the execution

Results

The auction process allowed the Company to achieve a meaningful discount at a transaction size of $100mm

Penumbra’s shares outstanding were immediately reduced by ~0.5mm shares, ~1.2% of shares outstanding

This is JWCA’s first advisory assignment for Penumbra