Chegg Adopts $300M Accelerated Share Repurchase Program

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.