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Wolfspeed Inc (NYSE:WOLF) shares are trading higher on Tuesday after the company announced that it successfully completed its financial restructuring.
What To Know: Wolfspeed said it emerged from Chapter 11 bankruptcy protection with approximately 70% less debt, maturities extended to 2030 and a 60% lower annual cash interest expense.
Wolfspeed believes the company will be able to maintain ample liquidity to continue supplying customers with silicon carbide solutions.
“Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era, which we are entering with new energy and a renewed commitment to the growth mindset and entrepreneurial spirit that have powered Wolfspeed since its inception,” said Robert Feurle, CEO of Wolfspeed.
“As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us.”
Wolfspeed also announced a board refresh that includes the appointment of five directors to its board as five members of the company’s board have stepped down, including chairman Tom Werner.
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Wolfspeed's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
WOLF Price Action: Wolfspeed shares closed Monday up 1,726% at $22.10. The stock was up another 22.76% at $27.13 at the time of publication on Tuesday, according to Benzinga Pro.
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Posted In: WOLF
