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Wolfspeed Stock Surges 42.9% on Bankruptcy Restructuring Approval
Wolfspeed Stock Surges 42.9% on Bankruptcy Restructuring Approval
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BTCCSquare news:
Wolfspeed (WOLF) shares skyrocketed as much as 59.7% intraday before settling at a 42.9% gain after a bankruptcy court approved its debt restructuring plan. The silicon-carbide chip specialist expects to emerge from Chapter 11 within weeks, slashing its debt by 70% and transferring key assets to Renesas Electronics and major creditors.
Current equity holders will receive just 3%-5% of the reorganized entity's value. Despite today's explosive move, the stock remains down 73.5% year-to-date. The restructured balance sheet provides breathing room, but significant dilution and ownership changes create uncertainty about Wolfspeed's post-bankruptcy trajectory.
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