GlobalFoundries Launches $950M Secondary Offering Of Ordinary Shares, Includes Concurrent $200M Share Repurchase
Portfolio Pulse from Benzinga Newsdesk
GlobalFoundries has announced a $950 million secondary offering of ordinary shares, which includes a concurrent $200 million share repurchase.
May 22, 2024 | 8:11 pm
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GlobalFoundries has announced a $950 million secondary offering of ordinary shares, which includes a concurrent $200 million share repurchase. This move could impact the stock price in the short term due to the dilution effect of the secondary offering, partially offset by the share repurchase.
The secondary offering of $950 million will likely lead to a dilution of existing shares, which typically results in a short-term decrease in stock price. However, the concurrent $200 million share repurchase could partially offset this effect by reducing the number of shares outstanding.
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