(RTTNews) - Nutanix, Inc. (NTNX), a hybrid multicloud computing company, Wednesday announced that it has entered into an accelerated share repurchase or ASR agreement with Bank of America, to buy back $300 million of its common stock.
The company intends to fund the ASR agreement with existing cash.
As per the agreement, Nutanix will pay $300 million to Bank of America on December 17, and in turn will expect to receive an initial delivery of around 4,972,032 shares of its common stock representing 80 percent of the value of the $300 million payment.
Further, the company surmises to repurchase around $382.5 million of its common stock from the beginning of fiscal year 2026.
In pre-market activity, NTNX shares were trading at $49.18, up 1.89% on the Nasdaq.
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