Wolfspeed, Inc. (NYSE: WOLF) has recently completed a $200 million "at-the-market" equity offering, selling 27,793,535 shares of its common stock. The net proceeds from this offering are intended to be used to improve the company's capital structure, reduce leverage, and address outstanding maturities on its balance sheet.
This move represents an important milestone for Wolfspeed as it strengthens its balance sheet by providing additional liquidity, with the aim of positioning the company for future growth. Tom Werner, the executive chairman of Wolfspeed, highlighted the significance of this achievement, emphasizing the company's progress in the funding process and the anticipation of receiving the first funding disbursements from the Chips Office and other lenders.
Wolfspeed, a leader in silicon carbide technologies, is dedicated to advancing semiconductor technology to power disruptive innovations globally. The company's commitment to utilizing silicon carbide material, power modules, discrete power devices, and power die products for various applications underscores its mission to enable a better world through the power of innovation.
The completion of this equity offering and the subsequent capital infusion are expected to further support Wolfspeed's initiatives and pave the way for continued collaboration with the Chips Office to drive the transition from silicon to silicon carbide through American innovation.
As a result of these announcements, the company's shares have moved 19.8% on the market, and are now trading at a price of $5.78. For the full picture, make sure to review Wolfspeed's 8-K report.
