Upwork repurchases ~$196.8M of 0.25% Convertible Notes for ~$157M cash

UPWORK, INC

Repurchased approximately $196.8 million aggregate principal amount of its 0.25% Convertible Senior Notes due 2026.
Estimated cash expenditure of about $157 million, implying a discount to face value.
Repurchase price based on daily VWAP over March 22-23, 2023 measurement period.
Expected to close March 27, 2023; after closing, approximately $378.2 million principal remains outstanding.
Existing capped call transactions remain in effect and unchanged by the repurchases.

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