GlobalFoundries Announces Launch of Public Secondary Offering and Concurrent Share Repurchase

Core Viewpoint - GlobalFoundries (GF) is launching a secondary public offering of 20 million ordinary shares and plans to repurchase approximately $300 million of shares from the Selling Shareholder, Mubadala Technology Investment Company, which is GF's largest shareholder [1][2][3]. Offering Details - The offering consists of 20 million ordinary shares, with an additional 3 million shares available for underwriters to purchase within 30 days [1]. - GF will not sell any shares in this offering and will not receive any proceeds from the sale [2]. - The share repurchase will be executed at the same price as the offering and is part of a $500 million share repurchase authorization approved by GF's Board of Directors [3]. Financial Implications - The share repurchase is expected to be funded with cash from GF's balance sheet and will close simultaneously with the offering [3]. - The closing of the share repurchase is contingent upon the closing of the offering, but not vice versa [3]. Underwriters - J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as lead book-running managers for the offering [4]. Company Overview - GlobalFoundries is a leading semiconductor manufacturer, providing essential products for various high-growth markets, including automotive and IoT [7].