Cypress Semiconductor finally got the $10.3 million it had invested in money market funds with the American Beacon Fund, according to a Friday filing. In September the San Jose chip maker disclosed that the fund had frozen following a “significant increase in redemption orders.”
Not that Cypress was in any immediate need of the funds. As of Sept. 30, the company reported having about $628 million in cash and short-term investments. By the way, that roughly $30 million more than the entire company was valued by Wall Street at the close of trading last Friday.
No wonder its chief executive, TJ Rodgers, has been buying its shares.