Western Digital Corporation launched a secondary public offering of SanDisk Corporation common stock valued at approximately $3.09 billion. SanDisk is not selling any shares and will receive no proceeds from the transaction.
Western Digital expects to exchange the SanDisk shares for its own debt held by financial institutions. This debt-for-equity exchange will release a significant block of shares into the public market.
SanDisk shares fell between 1% and 3% in after-hours trading following the announcement. The news circulated after the market closed on February 17, 2026. Investors attributed the decline to the increased share supply and profit-taking following a recent run-up in the stock's value.