Summary by Futu AI
On May 22, 2024, GlobalFoundries Inc. (GlobalFoundries or GF), a leading semiconductor manufacturer, announced the launch of a secondary public offering valued at $950 million of its ordinary shares. The shares are being offered by Mubadala Technology Investment Company, a subsidiary of Mubadala Investment Company PJSC and GlobalFoundries' largest shareholder. The offering includes a 30-day option for underwriters to purchase an additional $112.5 million of shares. Concurrently, GlobalFoundries plans to repurchase $200 million worth of shares from the underwriters at the public offering price, using cash on hand. The repurchase is contingent on the offering's closure, which is not dependent on the repurchase completion. Morgan Stanley & Co. LLC and BofA Securities are the book-running managers for the offering. The offering is made through a prospectus, with a registration statement already effective with the SEC. GlobalFoundries will not receive proceeds from the sale by the Selling Shareholder but expects the repurchase to close simultaneously with the offering.
