Western Digital agreed to exchange 653,203 SanDisk shares for 1,865,801 shares of its own common stock. The transaction is scheduled to settle on May 7. This move advances the company's plan to divest remaining holdings following the SanDisk spin-off. Western Digital will retain over 1 million SanDisk shares after the exchange completes.
SanDisk stock has gained over 480% year-to-date. The company's market capitalization now exceeds that of Western Digital. Soaring demand for AI-related NAND flash storage drives the current rally. SanDisk reported a major earnings beat on April 30. Bullish analyst sentiment continues to support the stock's upward momentum.