Fenwick represented Chegg, Inc. (NYSE: CHGG), an education technology and learning platform, in its upsized public offering of 11,274,600 shares of its common stock at a public offering price of $102 per share, with gross proceeds of approximately $1.15 billion, including the full exercise of the underwriters’ option to purchase additional shares granted by Chegg and selling stockholder.
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.
Morgan Stanley, Goldman Sachs & Co. LLC and Allen & Company LLC acted 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 acted as co-managers.
More information can be obtained from Chegg’s announcement.
The Fenwick transaction team includes corporate partners David Bell and Katherine Duncan and associates Janiece Jenkins, Alyssa Zhang and Anja Kong.