Intel CFO David Zinser mentioned that the semiconductor large obtained $5.7 billion from the U.S. authorities on Wednesday night.
Zinsner acknowledged the funding on Thursday throughout an investor convention. The funding is a part of the White House’s choice final Friday to take a 10% stake within the beleaguered pc chip firm.
Zinser additionally signaled the likelihood that Intel seeks exterior funding for its foundry enterprise.
The firm reported better-than-expected second-quarter results on July 25, however its shares sank 8% as a consequence of issues over the enterprise of its foundry unit, which manufactures pc chips for different companies.
“There’s likely going to be some opportunity for outside investors in foundry, and that will probably be our second opportunity to raise cash to fund the growth on the foundry side,” Zinser mentioned.
White House press secretary Karoline Leavitt mentioned Thursday that the Intel deal remains to be “being ironed out by the Department of Commerce.”
“The T’s are still being crossed, the I’s are still being dotted,” Leavitt mentioned. “It’s very much still under discussion.”
Intel launched a company filing on Monday through which it warned that the deal with the U.S. authorities may generate “adverse reactions” from traders, staff and others.
“There could be adverse reactions, immediately or over time, from investors, employees, customers, suppliers, other business or commercial partners, foreign governments or competitors,” the submitting mentioned. “There may also be litigation related to the transaction or otherwise and increased public or political scrutiny with respect to the Company.”
WATCH: Intel CFO: Received $5.7 billion in cash from U.S. government last night.