Wolfspeed (WOLF) Stock Resumes Rally Amid Restructuring Optimism
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Wolfspeed Inc (WOLF) shares surged 7.89% to $1.43 amid restructuring optimism following a pre-packaged Chapter 11 filing aimed at reducing $4.6 billion in debt and cutting annual cash interest payments by 60%. The appointment of Gregor van Issum as CFO is seen as pivotal for the company's transformation. Wolfspeed anticipates emerging from restructuring by the end of Q3 while maintaining normal operations and customer deliveries. The stock has fluctuated between a 52-week high of $25.20 and a low of $0.39.
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