Benzinga | Nov 30, 2021 04:05PM EST

Chegg Plans $300M Accelerated Share Repurchase

* Chegg Inc's (NYSE:CHGG) board of directors authorized proposed accelerated share repurchase (ASR) transaction to repurchase $300 million of common stock.

* The company expects to enter into an ASR transaction with a financial institution during the fourth quarter of 2021.

* The proposed ASR transaction will be effectuated pursuant to Chegg's previously announced $1.0 billion securities repurchase program announced earlier this month. As of September 30, 2021, $665.5 million remained available for future repurchases under this program.

* Chegg held $2.6 billion in cash and equivalents as of September 30, 2021.

* Price Action: CHGG shares are trading higher by 3.72% at $25.9 on the last check Monday.