Chegg Announces $500 Million Securities Repurchase Program
June 16 2020 - 4:15PM
Business Wire
Chegg, Inc. (NYSE: CHGG), a Smarter Way to Student®, today
announced its board of directors has authorized the repurchase of
up to $500 million of Chegg’s common stock and/or convertible
notes, through open market purchases, block trades and/or in
privately negotiated transactions or pursuant to Rule 10b5-1 plans,
in compliance with applicable securities laws and other legal
requirements. The timing, volume, and nature of any repurchases
will be determined by Chegg’s management, in consultation with the
board’s Finance Committee, based on its evaluation of the capital
needs of the business, market conditions, applicable legal
requirements, and other factors. The repurchase program may extend
over a period of approximately eighteen months, ending on December
31, 2021. Chegg currently expects to fund the repurchase program
from its existing cash balance and future cash flows from
operations.
Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements,
including Chegg’s intention to implement a program to purchase up
to $500 million of Chegg’s common stock and/or convertible notes;
the expected timing, volume and nature of such securities
repurchase program; the duration of the program; and the expected
source of funding. There are a number of important factors that
could cause actual events to differ materially from those suggested
or indicated by such forward-looking statements. These include,
among others, the market price of Chegg’s common stock prevailing
from time to time, the amount of Chegg's cash commitments, the
nature of other acquisition or investment opportunities presented
to Chegg from time to time, Chegg’s cash flows from operations,
general economic conditions, and other factors identified in
Chegg’s Quarterly Report on Form 10-Q for the Quarterly Period
Ended March 31, 2020, as filed with the Securities and Exchange
Commission on May 4, 2020. Additional information will also be set
forth in Chegg’s future quarterly reports on Form 10-Q, annual
reports on Form 10-K and other filings that we make with the
Securities and Exchange Commission. These forward-looking
statements are subject to material risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Chegg is under no obligation, and
expressly disclaims any obligation, to update or alter its
forward-looking statements whether as a result of new information,
future events, or otherwise.
About Chegg
Chegg is a Smarter Way to Student. As the leading
direct-to-student learning platform, we strive to improve
educational outcomes by putting the student first in all our
decisions. We support students on their journey from high school to
college and into their career with tools designed to help them pass
their test, pass their class, and save money on required materials.
Our services are available online, anytime and anywhere, so we can
reach students when they need us most. Chegg is a publicly held
company based in Santa Clara, California and trades on the NYSE
under the symbol CHGG. For more information, visit
www.chegg.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200616005968/en/
Investor Contact Tracey Ford ir@chegg.com
Media Contact Heather Hatlo Porter Press@chegg.com
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