News Article
Investment & expansion
An initial public offering of 121,621,622 shares is being made in Motorola's Freescale Semiconductor subsidiary.
An initial public offering of 121,621,622 shares is being made in Motorola's Freescale Semiconductor subsidiary. The Class A common stock is priced at $13.00 per share, for a total offering of $1.58bn. The stock will be listed on the New York Stock Exchange under the symbol "FSL". Motorola will own all of Freescale's outstanding shares of Class B common stock.
Holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to five votes per share on all matters to be voted on by stockholders. Upon completion of the initial public offering, the Class B common stock owned by Motorola will represent 92.0% of the total voting power of Freescale (90.9% if the underwriters' over-allotment option is exercised in full). Subsequent to the offerings and distribution, Freescale will have $2.0bn in cash, representing a $750mn net cash position.
