GlobalFoundries stock falls as Mubadala offers shares

GlobalFoundries, a semiconductor manufacturing company, announced that Mubadala Technology Investments is offering $950 million of the company's shares through Morgan Stanley and BofA Securities.

Following this news, GlobalFoundries stock fell nearly 6%.

Concurrently with the share offering, GlobalFoundries revealed plans to buy back approximately $200 million worth of ordinary shares from the underwriters.

This repurchase will be conducted using the cash available on GlobalFoundries' balance sheet.

By Senad Karaahmetovic

You May Also Be Interested In

• Stifel Reiterates Buy Rating on GlobalFoundries Inc. (GFS)
• Buy any weakness in this retail stock – Jefferies
• GlobalFoundries and Monolithic Power Systems sign manufacturing deal