Summary
Advanced Micro Devices, Inc. (AMD) announced on February 13, 2019, the full exercise of a warrant by West Coast Hitech, L.P. (WCH), resulting in the issuance of 75,000,000 shares of common stock. This exercise, at a price of $5.98 per share, has extinguished the warrant and increased the total number of outstanding shares. Following this issuance, WCH now beneficially owns approximately 75,000,000 shares, representing about 6.9% of AMD's total outstanding common stock. This warrant was originally acquired on August 30, 2016, in connection with a waiver and rights agreement related to a Wafer Supply Agreement with GLOBALFOUNDRIES Inc. AMD utilized the Section 4(2) exemption from registration requirements for this issuance, relying on WCH's accredited investor status.
Key Highlights
- 1AMD issued 75,000,000 shares of common stock due to a warrant exercise.
- 2The exercise price for the warrant shares was $5.98 per share.
- 3West Coast Hitech, L.P. (WCH) fully exercised its warrant.
- 4WCH now holds approximately 6.9% of AMD's outstanding common stock (75,000,000 shares).
- 5The warrant was originally granted on August 30, 2016, in relation to a wafer supply agreement with GLOBALFOUNDRIES Inc.
- 6AMD relied on the Section 4(2) exemption for the unregistered sale of these shares.