Overview

• The plan reduces Wolfspeed’s debt by roughly 70% from $6.5 billion and cuts cash interest expense by about 60%.
• Existing shareholders will receive substituted new common stock with heavy dilution, reported at roughly 3% to 5% of the reorganized equity.
• The New York Stock Exchange suspended trading of the old Wolfspeed shares on Monday, with delisting scheduled for Oct. 10.
• Shares experienced extreme volatility, including intraday spikes reported up to about 1,450% with multiple trading halts on Monday.
• Pre-market trading Tuesday showed a 50.9% jump to $32.63, and the company plans to reincorporate from North Carolina to Delaware.