Wolfspeed Stock Surges Amid Bankruptcy Exit Plans
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BTCCSquare news:
Wolfspeed shares rallied 5.6% this week, peaking at a 25.8% intraweek gain, as markets digest its impending Chapter 11 exit. The semiconductor firm secured court approval to wipe $4.6 billion in debt—a 70% reduction—while slashing interest expenses by 60%.
Existing shareholders face near-total dilution, with just 3-5% of new equity allocated to common stock. Convertible debt holders will control the rest. The rebound follows last week's 90% surge, though the EV-focused chipmaker still confronts sector-wide demand challenges.
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