Western Digital Corporation (NASDAQ: WDC) entered into exchange agreements with institutional investors on May 5, 2026, to receive 1,865,801 shares of WD common stock in exchange for 653,203 shares of SanDisk Corporation common stock.

The exchanges are expected to settle on May 7, 2026, subject to customary closing conditions, according to a company statement.

Following the settlement, WD will retain 1,038,681 shares of SanDisk common stock. The company stated it intends to dispose of these remaining shares through subsequent exchanges for WD debt held by creditors, exchanges for outstanding WD common stock, or distributions to stockholders as dividends.

The announcement represents WD's ongoing efforts to manage its equity holdings in SanDisk Corporation through structured transactions with institutional investors.