GlobalFoundries Inc. (NASDAQ: GFS) announced a secondary public offering of 20 million ordinary shares and a concurrent share repurchase of approximately $300 million worth of shares.

Mubadala Technology Investment Company, a wholly owned subsidiary of Mubadala Investment Company PJSC and GlobalFoundries' largest shareholder, is selling all shares in the offering. The selling shareholder may grant underwriters a 30-day option to purchase up to an additional 3 million shares at the public offering price minus underwriting discounts and commissions.

GlobalFoundries will not sell any shares in the offering and will not receive proceeds from the sale. The company plans to repurchase approximately $300 million of the selling shareholder's ordinary shares from underwriters at the same price paid by underwriters in the offering.

The share repurchase will be executed under GlobalFoundries' $500 million share repurchase authorization approved by the board of directors in February 2026. The company intends to fund the repurchase with cash from its balance sheet.

GlobalFoundries expects the share repurchase to close simultaneously with the offering. The repurchase closing is conditioned on the offering closing, but the offering is not conditioned on the repurchase closing. The repurchase amount and price will not be affected by any exercise of the underwriters' option to purchase additional shares.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as lead book-running managers for the offering. Underwriters will not receive discounts or commissions on shares repurchased by GlobalFoundries.

A registration statement for the securities has been filed with the Securities and Exchange Commission and became effective, according to the company's statement.