- Chegg Inc 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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