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

Reuters

2024-11-26

** 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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The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))</p>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4592","symbol_name":"伊斯蘭概念","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2486059064","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2486059064","pubTimestamp":1732562394,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"** 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 ge","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4592":"伊斯兰概念","BK4204":"教育服务","BK4548":"巴美列捷福持仓","BK4539":"次新股","CHGG":"Chegg Inc","COUR":"Coursera, Inc."},"translate_title":"BUZZ-Chegg在可转换票据回购交易后触及3个月高点","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHGG":1,"COUR":0.9},"content_text":"** 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. 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