GlobalFoundries stock falls as Mubadala offers shares

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GlobalFoundries stock falls as Mubadala offers shares
Credit: © Reuters.

GlobalFoundries (NASDAQ: GFS ), a semiconductor manufacturing company, announced that Mubadala Technology Investments is offering $950 million of the company's shares through Morgan Stanley and BofA Securities.

Following this news, GlobalFoundries stock fell nearly 6%.

Concurrently with the share offering, GlobalFoundries revealed plans to buy back approximately $200 million worth of ordinary shares from the underwriters.

This repurchase will be conducted using the cash available on GlobalFoundries' balance sheet.

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