AMD nets final approval to create The Foundry Company
After having to delay the final vote earlier this month due to a lack of participation (d'oh!), AMD has dotted the final 'i' in its attempt to spin off semiconductor manufacturing. Said company, along with the Advanced Technology Investment Company, have now secured the final approval necessary to create The Foundry Company. Stockholder approval was the only remaining hurdle to be jumped, and the joint venture transaction is expected to fully close by March 2nd of this year. By the numbers, AMD stockholders approved a proposal to issue 58 million shares of its common stock along with warrants to purchase 35 million shares of its common stock and 35 million shares of the company's common stock upon exercise of those warrants to an affiliate of the Mubadala Development Company PJSC (perplexing, we know). Now, let's see if AMD can keep up with Intel's own $7 billion investment.
