NVIDIA takes warrants for $500m in Corning stock as fibre-optics partnership goes structural
The deal pairs a 15-million-share warrant at $180 with a pre-funded warrant for 3 million more, against a Corning commitment to build three new US optical-connectivity plants and grow capacity tenfold. Corning shares closed up roughly 14 per cent.
NVIDIA is taking an equity-linked stake of $500m in fibre-optics manufacturer Corning as part of a multi-year partnership designed to scale US optical-connectivity production tenfold. Corning’s 8-K filing on Tuesday afternoon confirmed the structure: Nvidia receives a Traditional Warrant for up to 15 million Corning shares at $180.00 per share, alongside a Pre-Funded Warrant for up to 3 million more at a nominal $0.0001 per share. Aggregate proceeds to Corning total approximately $500m.
Corning shares closed up roughly 14 per cent on the announcement.
These are warrants, not subscription rights. The Traditional Warrant is exercisable at $180 against Corning’s pre-announcement share price in the mid-$150s, putting Nvidia in the money on...
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