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GlobalFoundries Inc. (NASDAQ:GFS) shares are trading lower after the bell Wednesday after the company announced the launch of a $950 million secondary offering.
The Details: GlobalFoundries announced a secondary public offering of $950 million of its ordinary shares and a concurrent $200 million share repurchase. All of the shares in the offering are from Mubadala Technology Investment Company, a wholly-owned subsidiary of Mubadala Investment Company PJSC and GlobalFoundries’ largest shareholder.
The selling shareholder is expected to grant the underwriters a 30-day option to purchase up to an additional $112.5 million of GlobalFoundries’ ordinary shares.
GlobalFoundries said it intends to concurrently repurchase from the underwriters approximately $200 million of the selling shareholder’s ordinary shares and intends to fund the Share Repurchase with cash on its balance sheet. GlobalFoundries expects the closing of the Share Repurchase to occur substantially simultaneously with the closing of the offering.
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GFS Price Action: According to Benzinga Pro, GlobalFoundries shares are down 6.54% after-hours at $51.60 at the time of publication Wednesday.
Photo: Courtesy of GlobalFoundries, Inc.
Posted In: GFS
