Silicon carbide (SiC) materials leader Wolfspeed, Inc. decided to register the previously issued outbound shares and issue new shares at the same time, successfully reducing debt and destroying production haze. Barron’s reported on the 29th th...
Silicon carbide (SiC) materials leader Wolfspeed, Inc. decided to register the previously issued outbound shares and issue new shares at the same time, successfully reducing debt and destroying production haze.
Barron’s reported on the 29th that Wolfspeed filed 8-K documents with the Securities and Exchange Commission (SEC) pointed out that existing shareholders will receive 1.3 million new common stocks at a share change ratio of 0.008352, and the stock number will remain unchanged.
As of this Monday (September 29), the number of outbound shares of Wolfspeed new shares was approximately 25.84 million. In comparison, the amount of old common stocks circulating outside is 156.48 billion shares.
The New York Stock Exchange (NYSE) confirmed the above changes through a notice last week, pointing out that Wolfspeed's newly issued ordinary shares belong to new shares and will be traded under the stock number of "WOLF" on September 29.
Wolfspeed closed at $22.10 on the 29th, with a higher price of 22.78%. Monday's closing price ($22.10) surged 1,726.45% compared with last Friday ($1.21).
According to the documents submitted to the SEC, NYSE will remove Wolfspeed's old ordinary shares from the shelves on October 10, and trading on old shares has been suspended.
Wolfspeed After releasing the U.S. stock market on the 29th, it announced that it has successfully withdrew from the protection of Chapter 11 of the US "Breaking Law" after reducing its overall debt by nearly 70% and reducing its annual cash interest fee by about 60%.
Wolfspeed said the company has sufficient fluidity to continuously provide silicon carbide chips to customers.
The unstable U.S. trade policy and reduced demand have hit Wolfspeed's financial preparations. Its ability to continue to operate was questionable in May. The company announced in June that it applied for a plan to reduce overall debt.
In addition, Wolfspeed announced the appointment of five new directors on the 29th, including Mike Bokan, former vice president of global senior business at Micron, and Eric Musser, who will retire from the position of president of Corning Inc. this year.
Wolfspeed's post-trading message jumped high, reaching 13.12% and reported $25 before the press time.
