What happened Shares of Chegg (NYSE: CHGG) have jumped today, up by 10% as of 1:10 p.m. EDT, after the company announced pricing for its follow-on offering. So what Chegg had announced its proposed offering on Monday, in which it would sell 8 million shares of common stock. Underwriters would have a 30-day option to purchase an additional 1.2 million shares of stock. The proceeds would be used for working capital and other general corporate purposes. The offering has now priced, and Chegg will sell 10 million shares at $13.50 each, raising more capital than expected. Underwriters have a 30-day option to purchase an additional 1.5 million shares. The offering is expected to close on Aug. 8. Image source: Getty Images. Now what Chegg closed out last quarter with $66 million in cash on the balance sheet, after paying out $21 million to the founders of Imagine Easy, which it acquired in 2016. Even though that deal closed in May 2016, it included deferred payments. The good news is that the acquisition is exceeding Chegg's expectations thus far. Based on the pricing, the offering will raise $135 million in gross proceeds before taking into account underwriter fees or the possibility of underwriters exercising options. Chegg had previously estimated that its net proceeds from the offering would be $107.5 million to $123.7 million (depending on whether or not underwriters exercised their options in full), but that was before increasing the number of shares being offered. 10 stocks we like better than CheggWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Chegg wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of August 1, 2017Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.