Western Digital announces equity-for-equity exchange

Western Digital Corporation (WDC) announced that it has entered into exchange agreements with certain institutional investors on May 5, 2026, pursuant to which WD will receive an aggregate of 1,865,801 shares of WD common stock in exchange for an aggregate of 653,203 shares of common stock of Sandisk Corporation (SNDK). The exchanges are expected to settle on May 7, 2026, subject to customary closing conditions. Upon the settlement of the exchanges, WD will continue to own 1,038,681 shares of Sandisk common stock, which it intends to dispose of in one or more subsequent exchanges for WD debt held by WD creditors and/or in exchange for outstanding shares of WD common stock and/or through distributions to WD stockholders as dividends.

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