03:43 AM EDT, 05/23/2024 (MT Newswires) -- GlobalFoundries ( GFS ) said late Wednesday a secondary public offering of $950 million of its ordinary shares was priced at $50.75 per share.

The selling shareholder, Mubadala Technology Investment Co., granted the underwriters a 30-day option to purchase up to $112.5 million additional shares.

GlobalFoundries ( GFS ) will not receive any proceeds from the secondary offering, which is expected to close on May 28.

The company said it has agreed to repurchase $200 million worth of its ordinary shares in the offering.

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