Chegg Announces Pricing of an Upsized $1.0 Billon Public Offering of Common Stock
February 18 2021 - 8:18AM
Business Wire
Chegg, Inc. (NYSE: CHGG), a Smarter Way to Student®, today
announced the pricing of its upsized underwritten registered public
offering of 9,804,000 shares of its common stock at a public
offering price of $102.00 per share. All 9,804,000 shares of its
common stock are offered by Chegg. Chegg and Dan Rosensweig, our
President, Chief Executive Officer and Co-Chairperson of the Board,
who is the selling stockholder, have granted the underwriters a
30-day option to purchase up to an additional 1,470,600 shares of
its common stock, consisting of 300,000 shares of common stock from
the selling stockholder, and 1,170,600 shares of common stock to be
issued by Chegg. The offering is expected to close on February 22,
2021, subject to the satisfaction of customary closing
conditions.
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. KeyBanc Capital Markets, Needham & Company, Raymond
James, William Blair, Barrington Research, Berenberg, Craig-Hallum
and Northland Capital Markets will be acting as co-managers.
An effective registration statement relating to these securities
was filed with the Securities and Exchange Commission (the “SEC”)
on February 16, 2021. A preliminary prospectus relating to the
offering have been filed with the SEC and are available on the
SEC’s website at www.sec.gov. A final prospectus will be filed with
the SEC. A copy of the final prospectus relating to the offering,
when available, may be obtained by contacting 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 closing
of the 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
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/20210218005610/en/
Investor Contact: Tracey Ford; ir@chegg.com Media Contact:
press@chegg.com
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