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.