Wolfspeed, Inc. is a semiconductor company restructuring under Chapter 11 bankruptcy, aided by Apollo Global Management with $1.25 billion financing and potential additional funds. The stock plummeted from approximately $7.50 to below $1.00 post-announcement. Analysts express mixed sentiments on the company's future with the appointment of a turnaround specialist as CFO. Previously known as Cree, Inc., Wolfspeed specialized in silicon carbide and gallium nitride chips but faced setbacks including EU project delays and financial struggles leading to the bankruptcy announcement.
Wolfspeed, Inc. is undergoing Chapter 11 bankruptcy restructuring, supported by Apollo Global Management, with a secured note of $1.25 billion and an option for $750 million more.
The stock price of Wolfspeed dropped sharply from around $7.50 earlier this year to under $1.00 following the bankruptcy announcement made in May.
Wolfspeed's new CFO, a turnaround specialist, has prompted mixed reactions from analysts and institutional investors, creating a division in sentiment regarding the company's future.
Wolfspeed, originally Cree, Inc., specializes in semiconductor technology focusing on silicon carbide and gallium nitride, and is now focusing on semiconductor production after divesting other businesses.
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