BUZZ-Chegg hits 3-month high after convertible notes buyback deal

Reuters11-26

** Shares of online learning platform Chegg Inc rise 14% to $2.29, highest since Aug 27, after convertible notes buyback deal ** Santa Clara, California-based firm early Mon said entered into individual, privately negotiated repurchase agreements with some holders of its outstanding 0% convertible notes due 2026

** Co said it's repurchasing ~$116.6 mln of the notes for cash price of ~$96.2 mln

** Following closing of transactions, ~$127.9 mln of the notes will remain outstanding and ~$207.5 mln will remain available under previously announced securities buy back program

** Even with advance on Mon, CHGG shares have lost 80% YTD and are well off their all-time high of about $115 hit in early 2021 ** In Jun, Dan Rosensweig stepped down as CEO after 14 years in the role and co veteran Nathan Schultz took the reins ** Chegg subsequently announced job cuts and restructuring plans as it continues to grapple with loss of subscribers to ChatGPT and disruption to its business due to generative artificial intelligence $(AI)$

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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