Voya Financial (VOYA) just picked up a significant stake in Wolfspeed (WOLF), the struggling silicon carbide chipmaker that emerged from bankruptcy last month. The asset manager now owns 18.3% of Wolfspeed, or about 5.3 million shares, according to a regulatory filing. Wolfspeed shares briefly jumped over 2% on the news, though the filing indicates Voya's position is passive, meaning it won't push for board seats or operational changes. And WOLF stock dropped 4.4% on Friday and another 2.2% today.
Wolfspeed's recent bankruptcy restructuring dramatically reduced its share count and slashed debt levels. The company also moved its headquarters from North Carolina to Delaware and brought in five new board members. These changes were designed to give the silicon carbide maker a fresh start after financial struggles.
