06:14 AM EDT, 05/23/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

GlobalFoundries ( GFS ) shares fell 5.8% in premarket activity on Thursday after the company said a secondary public offering of $950 million of its ordinary shares was priced at $50.75 apiece.

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

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.

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