AMD announced it has postponed a shareholder vote to approve its plan to spin off its manufacturing arm in a joint venture with Abu Dhabi's state-owned venture capital firm ATIC.
The reason for the delay until February 18 is because AMD failed to receive enough shareholder votes. The plan to create The Foundry Company requires approval from more than 50 percent of AMD's shareholders, but only 42 percent of the shares were voted at the special shareholder meeting - of which roughly 97 percent were in favor of the transaction.
Company spokesman Mike Silverman said AMD had moved a bit too quickly to close the transaction, but added that all parties were committed to the deal.
"We pursued an extremely aggressive timeline to close on the shareholder vote," he said, "and in retrospect, we probably moved a little bit too fast."