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Wolfspeed Stock Plummets After Bankruptcy Restructuring Approval Rally
Wolfspeed Stock Plummets After Bankruptcy Restructuring Approval Rally
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BTCCSquare news:
Wolfspeed shares plunged 18.4% during Wednesday's trading session, erasing much of Tuesday's 43% surge. The volatility follows the company's emergence from Chapter 11 bankruptcy protection, with court approval of its restructuring plan triggering the earlier rally.
Investors are now taking profits after the sharp upward move, with no new fundamental developments driving Wednesday's selloff. The restructuring will transfer key assets to creditors and establish a new corporate entity, leaving existing shareholders with just 3-5% of the restructured company's value.
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