Shares of Wolfspeed, Inc. (NYSE:WOLF) rose sharply in pre-market trading after the company announced a reorganization plan, with shareholders receiving substituted new common stock.
Wolfspeed's court-approved plan will slash its debt by 70%, from $6.5 billion to $2 billion, and cut interest payments by about 60%. As part of the process, Wolfspeed will reincorporate from North Carolina to Delaware.
