Fenwick Represents Chegg in its $150 Million Accelerated Share Repurchase

Fenwick represented Chegg, Inc (NYSE: CHGG), an education technology and learning platform, in its accelerated share repurchase agreement (“ASR”) with Morgan Stanley to repurchase $150 million of Chegg’s common stock.

Under the ASR, Chegg will make an initial payment of $150 million to Morgan Stanley and will receive an initial delivery of approximately 13.5 million shares of its common stock. The final number of shares to be repurchased will be based on the volume-weighted average price of Chegg’s common stock during the term of the ASR, less a discount. The final settlement of the ASR is expected to occur by the second quarter of 2024. More information can be obtained from the news announcement.

The Fenwick transaction team included corporate partners David Bell, David Michaels and Kat Duncan and associates Annie Omata and Chelsea Fisher.