Chegg Announces the Closing of its Follow-on Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares

SANTA CLARA, Calif., Aug. 8, 2017 /PRNewswire/ -- Chegg, Inc. (NYSE: CHGG) today announced the closing of its previously announced underwritten registered offering of 11,500,000 shares of its common stock at a price to the public of $13.50 per share, which included the exercise in full by the underwriters of their option to purchase 1,500,000 additional shares of common stock.

Chegg expects to use the net proceeds from the offering for working capital and other general corporate purposes, which may include acquisitions of businesses, technologies, or other assets. Morgan Stanley, BofA Merrill Lynch and Allen & Company LLC acted as joint book-running managers for the offering. Barrington Research and Northland Capital Markets acted as co-managers.

An effective registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission on July 31, 2017. The offering was made only by means of an effective shelf registration statement, including a preliminary prospectus and final prospectus, copies of which may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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SOURCE Chegg, Inc.