05:03 PM EDT, 05/22/2024 (MT Newswires) -- GlobalFoundries ( GFS ) said Wednesday it launched a $950 million secondary public offering of ordinary shares.

Mubadala Technology Investment is the selling shareholder and plans to give underwriters a 30-day option to buy up to $112.5 million in additional shares, GlobalFoundries ( GFS ) said.

GlobalFoundries ( GFS ) isn't selling any shares in the offering and won't receive any proceeds.

The company plans to repurchase up to $200 million in shares in the offering from the underwriters.

Mubadala Technology Investment is a subsidiary of Mubadala Investment, which, together with its affiliates, is GlobalFoundries' ( GFS ) largest shareholder.

GlobalFoundries ( GFS ) shares fell 5.8% in recent after-hours activity.

Price: 52.00, Change: -3.21, Percent Change: -5.81