Corning Incorporated (NYSE: GLW) issued warrants to NVIDIA Corporation for $500 million as part of a long-term partnership agreement, according to a securities filing.

The transaction, completed May 6, 2026, includes two types of warrants allowing NVIDIA to purchase Corning shares. The traditional warrant permits NVIDIA to buy up to 15 million shares at $180.00 per share, while a pre-funded warrant allows purchase of up to 3 million shares at $0.0001 per share.

Both warrants become exercisable immediately upon issuance. The traditional warrant expires on the earliest of three years from issuance, termination of the partnership agreement, or completion of a fundamental transaction by Corning. The pre-funded warrant expires after three years or upon a fundamental transaction, whichever occurs first.

The warrant terms include standard anti-dilution protections that adjust the exercise price and share count under certain circumstances. NVIDIA will receive distribution rights on an as-exercised basis for shares acquired through the pre-funded warrant.

Corning issued the securities under exemptions from Securities Act registration requirements. The warrants and underlying shares have not been registered and cannot be offered or sold in the United States without registration or applicable exemption.

The filing references a long-term partnership between the companies but does not provide details about the nature or scope of the business arrangement.