Chegg OKs $500 million repurchase program for convertibles, stock

By Wendy Van Sickle

Columbus, Ohio, June 16 – Chegg Inc.’s board of directors has approved a repurchase program for up to $500 million of the company’s convertible notes and/or common shares through Dec. 31, 2021, according to a news release.

The repurchases may be made through open market purchases, block trades or in privately negotiated transactions or pursuant to Rule 10b5-1 plans.

The timing, volume and nature of any repurchases will be decided by Chegg’s management, in consultation with the board’s finance committee, based on capital needs, market conditions, legal requirements and other factors.

Chegg expects to fund the repurchase program from its existing cash balance and future cash flows from operations.

Chegg is a Santa Clara, Calif.-based online textbook rental, tutoring, scholarship and internship matching company.

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