Wolfspeed, Inc. (WOLF) Wednesday announced that it has successfully completed an offering of its common stock under its previously announced at the market offering program. The offering, dated December 9, 2024, resulted in the sale of approximately 27 million shares, generating approximately $200 million in gross proceeds.
The company plans to use the net proceeds from this offering to enhance its capital structure, reduce leverage, and address outstanding maturities on its balance sheet, positioning itself for future growth and financial stability.
Wolfspeed is optimistic about its continued collaboration with the CHIPS office, aiming to drive the transition from silicon-to-silicon carbide technology with American innovation and intellectual property at the forefront.
WOLF closed Wednesday's trading at $6.68 up 38.59 percent or $1.86 on the New York Stock Exchange.
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