<SEC-DOCUMENT>0001193125-21-290650.txt : 20211126
<SEC-HEADER>0001193125-21-290650.hdr.sgml : 20211126
<ACCEPTANCE-DATETIME>20211004120428
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-290650
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBALFOUNDRIES Inc.
		CENTRAL INDEX KEY:			0001709048
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				980604079
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		400 STONEBREAK ROAD EXTENSION
		CITY:			MALTA
		STATE:			NY
		ZIP:			12020
		BUSINESS PHONE:		(518) 305-9013

	MAIL ADDRESS:	
		STREET 1:		400 STONEBREAK ROAD EXTENSION
		CITY:			MALTA
		STATE:			NY
		ZIP:			12020
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GLOBALFOUNDRIES Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">400 Stonebreak Road Extension </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Malta, NY 12020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October&nbsp;4,
2021 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>BY EDGAR </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Sherry Haywood </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Geoffrey Kruczek </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Effie Simpson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Mark Rakip </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GLOBALFOUNDRIES Inc. </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;1 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT>
</B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submitted September&nbsp;13, 2021 </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CIK No.&nbsp;0001709048 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Haywood, Mr.&nbsp;Kruczek, Ms.&nbsp;Simpson and Mr.&nbsp;Rakip: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We set forth below the response of GLOBALFOUNDRIES Inc. (the &#147;<U>Company</U>&#148;) to the comments of the staff (the
&#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) in its letter dated September 28, 2021 with respect to the Company&#146;s Amendment No. 1 to the draft registration statement on Form F-1,
CIK No. 0001709048, submitted to the Commission on September 13, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company has publicly filed today its initial registration
statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (the &#147;<U>Registration Statement</U>&#148;), together with this letter, via EDGAR correspondence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have reproduced below in bold the Staff&#146;s comments and have provided the Company&#146;s response following each comment. Unless
otherwise indicated, all page references in the responses set forth below are to the pages of the Registration Statement. Capitalized terms not otherwise defined in this letter shall have the meanings set forth in the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Strategic Repositioning </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Resized and
Refocused Cost Structure, page 64 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise your discussion of the <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measure
Adjusted gross margin to discuss the most directly comparable IFRS measure (i.e., gross margin) with equal or greater prominence to avoid placing undue prominence on <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures. Refer to
Question 102.10 of the Division&#146;s Compliance and Disclosure Interpretations for <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. Additionally identify this measure, as well as Adjusted gross profit, in your preceding
reconciliations of <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures, reconciling the measures to the most directly comparable IFRS measure. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the referenced disclosure on pages 63 and 98 of the
Registration Statement. The Company respectfully advises the Staff that reconciliation of Adjusted gross profit to the most directly comparable IFRS financial measure is provided on page 18 of the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations, page 68 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>In light of the significant period to period fluctuations in your results of operations, please discuss and
quantify material underlying reasons for the change. With respect to Net revenues, please avoid using terms such as &#147;primarily,&#148; and quantify changes attributed to more than one
</B></P></TD></TR></TABLE>
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factor. For example, specifically address the underlying drivers associated with the increase in ASPs and product mix. Regarding Cost of revenues, expand your disclosure of material changes that
may offset each other, given that although you quantify the change for the interim six months ended June&nbsp;30, 2021 compared to the prior interim period, the impact of the increase in wafer fabrication shipments to the overall mix is unclear.
Further, expand your disclosure to address the factors causing you to extend the useful lives of your manufacturing equipment given the significant impact such change had on your current period interim results. Refer to Item 303 of Regulation <FONT
STYLE="white-space:nowrap">S-K,</FONT> as well as SEC Interpretive Release Nos. <FONT STYLE="white-space:nowrap">33-8350</FONT> and <FONT STYLE="white-space:nowrap">33-6835.</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In response to the Staff&#146;s comment, the Company has revised the referenced disclosure on pages 71 to 79 of the
Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Statements of Financial Position, page <FONT STYLE="white-space:nowrap">F-7</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 10 regarding the classification of the Loan from shareholder within
equity at December&nbsp;31, 2020 and 2019. Please respond to the following: </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Please tell us the business purpose for structuring each of the 5 tranches of the Loan from shareholder as a
loan versus a capital contribution. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Tell us the factors driving the significant number (three) and dollar amount ($568 million) of loan repayments
during 2021, with such amounts exceeding repayments made during 2020 and 2019. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>IAS 32.18 requires the substance of the financial instruments, rather than its legal form to govern
classification in the entity&#146;s statement of financial position. Please tell us how you considered the loan repayment history, including increasing level of repayments, during the last three years in evaluating the substance of the loan from
shareholder. As part of your response, please discuss the decision making process you went through in deciding to repay amounts owed on the loan during the last three years. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>In evaluating the substance of the financial instrument, tell us how you considered the fact that the loan was
made from your sole shareholder, which controls management, and thus the decision making of the company. For example, tell us how you evaluated whether the shareholder was acting in the capacity as a shareholder or lender. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Your disclosure indicates that you anticipate the shareholder will convert the loans provided under the loan
facilities to additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital immediately prior to the consummation of the offering. Tell us the status of these discussions, and whether additional repayments are expected prior to this occurring.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: On October&nbsp;1, 2021, the board of directors of the Company (the &#147;<U>Board</U>&#148;)
approved, among other matters related to the upcoming offering, the conversion of the outstanding shareholder loans in the aggregate amount of $10,112,687,000 into additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital, with no
additional issuance of shares. On October&nbsp;3, 2021, the Company and the shareholder completed the conversion. The Company has revised the disclosure on pages 60, 80 and 138 of the Registration Statement to reflect the completion of the
conversion. No additional payments have been made in 2021 beyond the $568&nbsp;million disclosed in the Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">When
evaluating the substance of the shareholder loans, it is essential to understand the background of the transaction and structure, which is outlined in the timeline below. Additionally, a critical feature in differentiating a financial liability from
an equity instrument is the existence of a contractual obligation of one party to the financial instrument (the &#147;<U>Issuer</U>&#148;) to either deliver cash or another financial asset to the other party (the &#147;<U>Holder</U>&#148;) or to
exchange financial assets or financial liabilities with the Holder under conditions that are potentially unfavorable to the Issuer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The substance of a financial instrument, rather than its legal form, governs its
classification on the entity&#146;s balance sheet. Substance and legal form are commonly consistent, but not always. Some financial instruments take the legal form of equity but are liabilities in substance and others may combine features associated
with equity instruments and features associated with financial liabilities (IAS 32.18). Also important to note is that in March 2006, the Interpretations Committee discussed and confirmed that a contractual obligation must be established through the
terms and conditions of the instrument. Thus, by itself, economic compulsion would not result in a financial instrument being classified as a liability under IAS 32. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company had no obligation to repay the shareholder loans. Furthermore, there were no contingent settlement provisions that required the
Company to repay the shareholder loans. On an annual basis, management provides an operating plan to the Board for approval. The operating plan includes management&#146;s projected cash flows activities, which includes anticipated returns of capital
on the equity-classified shareholder loans, if any. We acknowledge that the shareholder loans were provided from the shareholder, which controls the Board. However, we note that the duties of our directors include a duty to act in the bona fide best
interests of the Company, including when evaluating and approving the annual operating plan. Repayment, if any, was made at management&#146;s sole discretion, and neither Board nor shareholder approval was required. Actual timing and amounts of the
payments were subject to business dynamics based on management&#146;s sole discretion, and may differ from the operating plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The
consideration of the shareholder loans as equity, rather than liability, is further evidenced by the fact that the Company made no payments on the shareholder loans between 2012 and 2018, and the Company started to make payments on the shareholder
loans in 2019 following achievement of surplus cash flow. Additionally, the fact that the Company made, at its sole discretion, payments between 2019 and 2021 does not constitute a contractual obligation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Having considered the above factors, the Company concluded that the substance of the shareholder loans supports their classification as equity
in the Company&#146;s financial statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Timeline </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>2012</B> &#150; Under a prior ownership structure, the Company originally issued liability-classified
convertible notes. In 2012, upon the shareholder assuming 100% ownership of the Company, the Company amended its liability-classified convertible notes to equity-classified shareholder loans in order to simplify the capital structure and reduce the
complexity and cost of outstanding instruments of the Company. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The shareholder commonly issues these instruments to its wholly-owned investments, and records them as equity.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">These equity instruments provide the Company with complete flexibility to achieve its growth and investment
strategy while reducing the operational and cost burden of interest bearing/maturity laden instruments. Further, the simplified structure provides for ease of injecting additional capital without having to adjust the share capital structure.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The amendments to the convertible notes allowed the Company sole discretion on if, and when, to return capital on
the equity-classified shareholder loans, and made the instrument subordinated to external debt and pari-passu to common equity. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>2013-2016</B> &#150; The shareholder issued additional shareholder loans to the Company to fund the
significant investments that the Company was making in building a leading-edge wafer fabrication facility in Malta, New York. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No payments of interest, dividends or otherwise were made to the shareholder in relation to the equity-classified
shareholder loans. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Upon completion of the Malta fabrication facility in 2016, the shareholder determined that it would not issue any
further investments of this nature or make any other form of equity contribution. Any further funding support would be structured as interest-bearing loans. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>2017</B> &#150; The shareholder issued separate interest-bearing notes with repayment obligations to assist
with the funding of specific Company investments. Given their substance, the Company determined that for these facilities, the shareholder was acting in the capacity as a lender, and, therefore, classified the notes as liabilities.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No payments of interest, dividends or otherwise were made to the shareholder in relation to the equity-classified
shareholder loans, and no principal payments were made on the interest-bearing liabilities. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>2018-2021</B> &#150; The Company shifted its focus to address the pervasive foundry market opportunity, which,
along with the divestment of the Company&#146;s Application Specific Integrated Circuit business in 2019 and a patent legal settlement in 2020, improved cash flow and significantly reduced the Company&#146;s capital and R&amp;D investment
requirements, leading to surplus cash flow. The Company determined that using a portion of the surplus cash flow for returns of capital would be in its best interests and accretive to shareholder value. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company paid down its interest-bearing debt facilities in 2019 ($250 million) and 2020 ($113 million),
thereby fully extinguishing the balances. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company returned capital on the equity-classified shareholder loans in 2019 ($400 million), 2020 ($487
million) and 2021 ($568 million). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In aggregate, total payments on both the liability and equity instruments were on a declining trend
($650&nbsp;million in 2019, $600&nbsp;million in 2020 and $586&nbsp;million in 2021). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Returns of capital on the equity-classified shareholder loans were made at management&#146;s sole discretion, as
neither Board nor shareholder approval was required. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Returns of capital were determined by the Company based on how much surplus cash flow was expected to be
generated from operational cash flow projections, net of investment requirements. Actual timing and amounts of the payments were subject to business dynamics based on management&#146;s sole discretion. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In 2012, the Company concluded that the shareholder loans should be classified as equity after considering the guidance in IAS 32, the
structure of the shareholder loan agreements and the substance of the instruments as outlined above. The recent returns of capital on the equity-classified shareholder loans during the last three years did not change the overall substance of the
arrangement, and, therefore, did not require any change in classification from equity to liability. Additionally, the Company believes that the conversion of the shareholder loans to additional <FONT STYLE="white-space:nowrap">paid-in</FONT>
capital, which was completed on October&nbsp;3, 2021, should provide investors with an accurate representation of the capital structure as of the balance sheet dates presented in the financial statements included in the Registration Statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We hope that the Company&#146;s responses above adequately addresses the Staff&#146;s
comments. If the Staff has any questions or requires any additional information, please do not hesitate to contact Adam Fleisher at Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP at <FONT STYLE="white-space:nowrap">(212)&nbsp;225-2000.</FONT> </P>
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeff Worth</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeff Worth</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice President and General
Counsel</P></TD></TR>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dr.&nbsp;Thomas Caulfield </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">GLOBALFOUNDRIES Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">David
Lopez </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Gamal M. Abouali </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Adam
Fleisher </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Tad J. Freese </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Matthew T. Bush
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Latham&nbsp;&amp; Watkins LLP </P>
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