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Wolfspeed Plunges 11.11% on Bankruptcy Filing
Generated by AI AgentAinvest Pre-Market Radar
Monday, Jun 23, 2025 4:19 am ET1min read
On June 23, 2025, Wolfspeed's stock experienced a significant drop of 11.11% in pre-market trading, reflecting a tumultuous period for the company.
Wolfspeed, a prominent chipmaker, has announced its intention to file for bankruptcy under a restructuring plan. This move aims to reduce its debt by $4.6 billion and lower interest payments, addressing the financial strain the company has been facing. The decision comes after
raised going-concern doubts in May, citing deepening economic uncertainty.The bankruptcy filing is part of a deal reached with creditors, indicating a strategic effort to stabilize the company's financial position. This development is significant as it marks one of the largest bankruptcies in the semiconductor industry this year, highlighting the challenges faced by companies in the sector.
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