Overview

• The company said it reduced total debt by about 70%, lowered annual cash interest roughly 60%, and extended maturities to 2030.
• Legacy shares were canceled and replaced with new common stock, with creditors and backstop investors receiving most of the equity and prior holders left with roughly 3%–5%.
• The New York Stock Exchange suspended trading in the old stock and plans to delist it on Oct. 10, while the reorganized shares began trading under the same ticker.
• Wolfspeed’s stock saw extreme volatility, with multiple halts and fresh premarket gains Tuesday; some market trackers showed increases above 1,700% due to calculations referencing pre-swap pricing.
• Governance changes included five new directors and the departure of chairman Tom Werner, a previously announced CFO appointment for Van Issum, and reincorporation from North Carolina to Delaware.