Chegg enters $150M accelerated share repurchase program

Chegg announced that it has entered into an accelerated share repurchase agreement with J.P. Morgan Chase Bank, National Association to repurchase $150M of Chegg’s common stock. Under the ASR, Chegg will make an initial payment of $150M to J.P. Morgan Chase Bank, National Association, and will receive an initial delivery of approximately 7.6M shares of its common stock by February 24. The final number of shares to be repurchased will be based on the volume-weighted average price of Chegg’s common stock during the term of the ASR, less a discount. The final settlement of the ASR is expected to occur by the second quarter of 2023.