Chegg Adopts $150M Accelerated Share Repurchase - Chegg (NYSE:CHGG)

Chegg Inc CHGG has entered an accelerated share repurchase agreement (ASR) to repurchase $150 million of its common stock.
The ASR transaction will be effectuated pursuant to Chegg's previously announced $2.0 billion securities repurchase program.
Under the ASR, Chegg will make an initial payment of $150 million to J.P. Morgan Chase Bank, National Association, and will receive an initial delivery of 7.6 million shares by Feb. 24, 2023.
The final settlement of the ASR is expected to occur by the second quarter of 2023.
As of Jan. 31, 2023, $642.6 million remained available for future repurchases under this program and $492.6 million will remain available after completion of the ASR.
Chegg ended the year with cash and investments of $1.3 billion.
Price Action: CHGG shares are trading higher by 2.22% at $16.14 in premarket on the last check Friday.