Western Digital Corporation (NASDAQ: WDC) entered into exchange agreements with institutional investors on June 11, 2026, according to a company disclosure.

Under the privately negotiated agreements, Western Digital will exchange 1,038,681 shares of SanDisk Corporation common stock for shares of Western Digital common stock held by the institutional investors.

The number of Western Digital shares to be received will be determined by the volume-weighted average prices of both SanDisk stock and Western Digital common stock during a three-day measurement period from June 16-18, 2026.

The exchange transactions are expected to close on June 22, 2026, subject to satisfaction of customary closing conditions.