- Chegg ( NYSE: CHGG ) has entered into an accelerated share repurchase agreement to repurchase $150M of its common stock as part of its $2B securities repurchase program.
- Under the agreement with J.P. Morgan Chase Bank, National Association, the connected learning company will make an initial payment of $150M to the bank to receive ~7.6M shares by February 24, 2023.
- The agreement is expected to settle by the second quarter of 2023. As of January 31, 2023, $642.6M were available for future repurchases under the program.
For further details see:
Chegg enters $150M accelerated share repurchase agreement