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Benzinga
Benzinga
Business
Shivani Kumaresan

Chegg Adopts $300M Accelerated Share Repurchase Program

Chegg ASR CHGG Chegg Inc NYSE
  • Chegg Inc (NYSE:CHGG) has entered into an accelerated share repurchase agreement (ASR) with Bank of America N.A. to repurchase $300 million of its common stock.
  • Under the ASR, Chegg will receive about 8.6 million shares by February 25, 2022. 
  • The ASR transaction will be effectuated under Chegg's previously announced $1.0 billion securities repurchase program. 
  • As of January 31, 2022, $365 million remained available for future repurchases under this program, and $65 million will remain available after completion of the ASR. 
  • Price Action: CHGG shares are trading higher by 4.66% at $29.34 on the last check Wednesday.
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