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AMD Gets Approval On Spinout

Semiconductor firm AMD reported Wednesday that the firm has received stockholder approval on its spinout of The Foundry Company. According to AMD, its stockholders approved a proposal to issue common stock and warrants to an affiliate of Mubadala Development Company PJSC, the Abu Dhabi investor which is helping to fund the spinout. AMD said it expects the transaction to close by March 2nd. AMD said in October that it would take an investment from the Advanced Technology Investment Company of Abu Dhabi to split out The Foundry Company from the firm, to focus on independent production capabilities. AMD's Austin operations will be part of the new company, which will be headquartered in Silicon Valley and also include locations in New York and Dresden.