GlobalFoundries completed a secondary offering of 20 million shares priced at $42 per share, the semiconductor manufacturer announced. The company simultaneously launched a $300 million stock repurchase program.

The secondary offering involves existing shares being sold by current shareholders rather than new shares issued by the company itself. At the $42 pricing, the offering represents approximately $840 million in total transaction value.

The concurrent stock buyback program allows GlobalFoundries to repurchase up to $300 million worth of its common stock over time. Share repurchase programs are typically used by companies to return capital to shareholders and potentially support stock price levels.

GlobalFoundries, one of the world's leading contract semiconductor manufacturers, provides chip production services for various technology companies. The company went public in 2021 and has been working to expand its manufacturing capacity amid strong demand for semiconductors across multiple industries.

The timing of both the secondary offering and buyback program reflects ongoing activity in semiconductor markets as companies balance capital allocation strategies with operational investment needs.