At a meeting in Austin, Texas earlier today, stockholders gave AMD the final go-ahead on its chip manufacturing business spin-off deal. AMD now says the transaction is on track to close by March 2.
To be specific, stockholders voted on whether AMD could issue 58 million of its shares (plus warrants to purchase another 35 million shares) to the Mubadala Development Company of Abu Dhabi—a key part of the spin-off process. AMD stockholders approved the move by a margin of 94.5% to 5.5%. In case you're wondering, 58 million shares works out to roughly $135 million at AMD's current stock price of $2.33, although the final sum will be based on an average of past stock prices over a 20-day period.
The spin-off agreement will also see AMD receive $700 million from Abu Dhabi's Advanced Technology Investment Company. As part of the latest, renegotiated terms, however, AMD will only get a 34% stake in the spun-off foundry business (but with equal voting rights).
That all leaves the name—"The Foundry Company" is still a temporary moniker. While discussing the business' process technology roadmap last year, AMD said The Foundry Company will receive its "permanent corporate name and identity" once the transaction closes.
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