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Wolfspeed Plunges 22.22% on Bankruptcy Filing
Generated by AI AgentAinvest Pre-Market Radar
Monday, Jun 23, 2025 9:25 am ET1min read
On June 23, 2025, Wolfspeed's stock plummeted by 22.22% in pre-market trading, marking a significant downturn for the company.
Wolfspeed has announced its intention to file for Chapter 11 bankruptcy, aiming to seek approval for a restructuring plan that will reduce its debt by $4.6 billion and lower interest payments. The company plans to emerge from bankruptcy by the end of the third quarter of 2025, with creditors taking control of the company's operations.
This move comes after Wolfspeed's stock dropped below $1 last week, following reports from major news outlets about the company's impending bankruptcy proposal. The company has confirmed these plans and is taking steps to strengthen its capital structure in the face of financial challenges.
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