Shares of Chegg, Inc. (CHGG) are climbing more than 13% Wednesday morning after the education technology company announced an accelerated share repurchase agreement (ASR) with Morgan Stanley Bank, National Association, to buy back $150 million of its shares.
Under the ASR, Chegg will make an initial payment of $150 million to Morgan Stanley and will receive about 13.5 million shares initially by November 15.
The final settlement of the ASR is expected by the second quarter of 2024.
"This accelerated share repurchase demonstrates our ability to generate strong free cash flow and our continued commitment to enhancing shareholder value," said Dan Rosensweig, CEO & President of Chegg.
CHGG is at $10.08 currently. It has traded in the range of $7.32 - $30.05 in the last 52 weeks.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.