In addition, Microchip has been advised that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to the common stock and/or purchasing or selling the common stock or other securities of Microchip in secondary market transactions following the pricing of the depositary shares and prior to the mandatory conversion date of the preferred stock (and are likely to do so during the final averaging period relating to the mandatory conversion of the preferred stock and, to the extent Microchip unwinds a corresponding portion of the capped call transactions, following any early conversion of the preferred stock or repurchase of the depositary shares).
CHANDLER, Ariz., March 19, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) Microchip Technology Incorporated ("Microchip” or the "Company”), a leading provider of smart, connected, and secure embedded control solutions, today announced the launch of an underwritten public offering (the "offering”) of $1.35 billion of depositary shares ("depositary shares”), each representing a 1/20th interest in a share of newly issued Series A Mandatory Convertible Preferred Stock, par value $0.001 per share ("preferred stock”), of the Company.
Microchip has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the depositary shares.
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