Learning Platform Chegg Boosts Stock Buyback

  • Chegg Inc CHGG board of directors has authorized the increase of its previously announced $1 billion securities repurchase program, up to an aggregate of $2 billion of common stock and/or convertible notes.
  • In addition to the increased $1 billion repurchase authorization, Chegg has about $65 million remaining from its previous $1 billion buyback approval.
  • The repurchase program has no expiration date and will continue until otherwise suspended, terminated, or modified at any time.
  • Chegg expects to fund the repurchase program from its existing cash balance and future cash flows from operations.
  • The company held $270 million in cash and equivalents as of March 31, 2022.
  • Price Action: CHGG shares closed higher by 9.12% at $20.45 on Thursday.

Posted In: BriefsNewsBuybacks

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