Finance History|11 Wall Street — An Over-the-Counter Chip Book Moves to the Big Board
· 1979-10
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Finance History|11 Wall Street — An Over-the-Counter Chip Book Moves to the Big Board
kevin
People treat Advanced Micro Devices as a Santa Clara design house and a later Nasdaq weight.
The first New York print was a second-source chip book that had already sold over the counter for seven years.
AMD was founded on 1 May 1969 in Sunnyvale by Jerry Sanders and other Fairchild Semiconductor alumni. The founding office on East Middlefield Road is a separate memory.
On 27 September 1972 the company issued 620,000 common shares over the counter at 15.50 dollars each. AMD's investor FAQ records 500,000 shares sold by the company and 120,000 by selling holders, raising 7.5 million dollars in 1972 currency.
That offering was not a New York listing. The book stayed off the Big Board for seven more years.
On 15 October 1979 AMD common stock debuted on the New York Stock Exchange. The same FAQ records the date. The letters on the tape were AMD.
The 1979 move did not reset the 1972 price. It transferred an already-public semiconductor onto the exchange that then priced the country's large industrials.
On 2 January 2015 the firm left the NYSE for the Nasdaq Stock Market and kept the same three letters.
Splits after the 1972 sale included 3-for-2 in 1978, 1979 and 1982, 2-for-1 in 1980 and 1983, and 2-for-1 in 2000. The 1972 share is a different unit from the share on the tape today.
The mechanism is a Fairchild spin that financed itself with a small over-the-counter book, then used the Big Board only after the chip cycle of the late 1970s made a listed semiconductor look like an industrial.
The pin is the public Broad Street viewpoint at 11 Wall Street on the 1979 debut, not the 2015 Nasdaq board and not the 1969 office.
Photo: New York Stock Exchange, Broad Street facade, via the collection photograph already ingested for 11 Wall Street listings.
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