Chegg Announces Proposed Public Offering of Common Stock
February 16 2021 - 4:59PM
Business Wire
Chegg, Inc. (NYSE: CHGG), a Smarter Way to Student®, today
announced that it is commencing an underwritten registered public
offering of $800.0 million of its common stock. Chegg and Dan
Rosensweig, our President, Chief Executive Officer and
Co-Chairperson of the Board, who is the selling stockholder, also
intend to grant the underwriters a 30-day option to purchase up to
an additional $120.0 million of its common stock, consisting of
300,000 shares of common stock from the selling stockholder, with
the remainder to be issued by Chegg. The offering is subject to
market conditions and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
Chegg expects to use the net proceeds from the offering for
general corporate purposes, which may include acquisitions or other
strategic transactions and repayment of indebtedness. Chegg will
not receive any proceeds from the sale of the shares by the selling
stockholder.
Morgan Stanley, Goldman Sachs & Co. LLC and Allen &
Company LLC will be acting as joint book-running managers for the
offering.
An effective registration statement relating to these securities
was filed with the Securities and Exchange Commission on February
16, 2021. The proposed offering is being made only by means of an
effective shelf registration statement, including a preliminary
prospectus and final prospectus, copies of which may be obtained,
when available, from Morgan Stanley & Co. LLC, Attention:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY
10014 or by email at prospectus@morganstanley.com; from Goldman
Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, NY 10282, by telephone at (866) 471-2526, or by
email at prospectus-ny@ny.email.gs.com; or from Allen & Company
LLC, Attention: Prospectus Department, 711 Fifth Avenue, New York,
NY 10022, by telephone at (212) 339-2220, or by email at
allenprospectus@allenco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Use of forward-looking statements
This press release contains “forward-looking statements”
including, among other things, statements relating to the timing of
the proposed public offering and expected use of proceeds from the
offering. These forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements involve risks and uncertainties that
could cause actual results to differ materially, including, but not
limited to, statements regarding the size and completion of the
proposed offering, the anticipated use of the net proceeds of the
offering, which could change as a result of market conditions or
for other reasons, the impact of general economic, industry or
political conditions in the United States or internationally, the
impact of the global COVID-19 pandemic, and the risks identified in
Chegg’s filings with the Securities and Exchange Commission
(“SEC”), the prospectus related to the offering, and subsequent
filings with the SEC. Chegg undertakes no obligation, and does not
intend, to update these forward-looking statements after the date
of this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210216006189/en/
Investor Contact: Tracey Ford; ir@chegg.com Media Contact:
press@chegg.com
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