💨 Abstract

Microchip Technology announced a plan to raise $1.35 billion through convertible stock offerings, causing a 3.2% drop in its shares after hours. The proceeds will be used for paying off debt and capped call transactions. The company also plans to cut around 2,000 jobs, or 9% of its workforce, due to excess inventory and slowing demand from car manufacturers.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖