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Intel warns US stake could hurt international sales, future grants
It is uncertain if this deal may result in other government entities trying to convert their existing grants into equity investments or if they might be unwilling to support future grants, the company said.
Intel shares will be bought with the $5.7 billion in unpaid grants from the Biden-era CHIPS Act and $3.2 billion awarded to Intel for the Secure Enclave program, also given under Trump's predecessor, Democratic President Joe Biden.
"To the maximum extent permissible under applicable law," Intel's obligations under the CHIPS Act will be considered discharged, barring the Secure Enclave program, according to the filing.
The transaction is expected to close on August 26.
Intel's non-U.S. business may also be impacted by the U.S. government being a significant stockholder as this could subject the company to additional regulations or restrictions such as foreign subsidy laws in other countries, the filing said.
Sales outside the US accounted for 76% of its revenue for the fiscal year ended December 28, 2024, while revenue from China contributed 29% to total revenue.
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Intel said on Monday that the 10% stake by the US government in the chipmaker could pose risks to its business, from potentially harming international sales to limiting its ability to secure future government grants.
The company laid out the new "risk factors" in a securities filing after the government decided to convert government grants into an equity stake in Intel, the latest extraordinary intervention in corporate America by President Donald Trump.
It is uncertain if this deal may result in other government entities trying to convert their existing grants into equity investments or if they might be unwilling to support future grants, the company said.
Intel shares will be bought with the $5.7 billion in unpaid grants from the Biden-era CHIPS Act and $3.2 billion awarded to Intel for the Secure Enclave program, also given under Trump's predecessor, Democratic President Joe Biden.
"To the maximum extent permissible under applicable law," Intel's obligations under the CHIPS Act will be considered discharged, barring the Secure Enclave program, according to the filing.
The transaction is expected to close on August 26.
Intel's non-U.S. business may also be impacted by the U.S. government being a significant stockholder as this could subject the company to additional regulations or restrictions such as foreign subsidy laws in other countries, the filing said.
Sales outside the US accounted for 76% of its revenue for the fiscal year ended December 28, 2024, while revenue from China contributed 29% to total revenue.
Trump's deal with Intel came after CEO Lip-Bu Tan's meeting with the president, who had demanded his resignation over his ties to Chinese firms.
The company also said that the shares to be issued to the US government at a discount to the current market price is dilutive to existing stockholders.
The government is purchasing Intel shares at a $4 discount to Intel's closing stock price of $24.80 on Friday.
The government's stake also reduces the voting influence of other stockholders, while its substantial additional powers over laws and regulations impacting Intel, may limit Intel's ability to pursue transactions that benefit shareholders, the filing said.
Source: EconomicTimes
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