Wolfspeed shares surge 10.61% intraday after announcing restructuring agreement and new CFO appointment.

Wolfspeed, Inc. surged 10.61% intraday, as the company announced it has approximately $1.3 billion in cash through the third quarter of 2025 and is seeking next steps around its restructuring support agreement. The company expects to exit Chapter 11 bankruptcy proceedings by the end of the third quarter. Additionally, Wolfspeed appointed Gregor van Issum as its new CFO, who has over 20 years of experience in the semiconductor industry, signaling a push towards profitability and strategic realignment. The company also announced it has taken the next steps to implement its restructuring support agreement with major creditors, aiming to reduce its overall debt by approximately 70%, or $4.6 billion, to better execute its long-term growth strategy and accelerate profitability.