Microchip Technology MCHP shares are trading higher on Friday after the company announced it entered into privately-negotiated exchange agreements with certain holders.
Microchip became an independent company in 1989 when it was spun off from General Instrument. More than half of revenue comes from MCUs, which are used in a wide array of electronic devices from remote controls to garage door openers to power windows in autos. The company's strength lies in lower-end 8-bit MCUs that are suitable for a wider range of less technologically advanced devices, but the firm has expanded its presence in higher-end MCUs and analog chips as well.
Microchip Technology shares were trading up 4.87% at $133.72 at publication time. The stock has a 52-week high of $135.29 and a 52-week low of $53.15.
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