SanDisk Corporation has announced the pricing of an upsized secondary offering of 18,534,581 shares of its common stock, currently owned by its former parent company, Western Digital Corporation $(WDC)$. The shares are being offered at a public price of $38.50 each. SanDisk will not sell any shares or receive proceeds from this offering. Prior to the closing, WDC plans to exchange the shares for certain debts held by affiliates of J.P. Morgan Securities LLC and BofA Securities, who are acting as joint lead book-runners for the offering. The sale is expected to conclude soon, with an option available for the underwriters to purchase an additional 2,780,187 shares. If fully exercised, WDC would retain 7,513,019 shares in SanDisk.
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