AMD -2.6% as Mubadala sells 35M shares

|About: Advanced Micro Devices, Inc. (AMD)|By:, SA News Editor

AMD (NASDAQ:AMDdrops 2.8% premarket after holder Mubadala Investment discloses selling 34.9M shares and plans to convert 75M warrants.

The Abu Dhabi state fund first invested in AMD in 2007 and has gradually trimmed its stake. The fund will continue to be a major shareholder with a roughly 6.9% stake after the warrants are converted.

Converting the warrants will provide AMD with $448.5M, Mubadala says in a statement.

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