Chegg Adopts $150M Accelerated Share Repurchase

·1 min read
  • Chegg Inc (NYSE: CHGG) has entered an accelerated share repurchase agreement (ASR) to repurchase $150 million of its common stock.

  • The ASR transaction will be effectuated pursuant to Chegg's previously announced $2.0 billion securities repurchase program.

  • Under the ASR, Chegg will make an initial payment of $150 million to J.P. Morgan Chase Bank, National Association, and will receive an initial delivery of 7.6 million shares by Feb. 24, 2023.

  • The final settlement of the ASR is expected to occur by the second quarter of 2023.

  • As of Jan. 31, 2023, $642.6 million remained available for future repurchases under this program and $492.6 million will remain available after completion of the ASR.

  • Chegg ended the year with cash and investments of $1.3 billion.

  • Price Action: CHGG shares are trading higher by 2.22% at $16.14 in premarket on the last check Friday.

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