Wolfspeed Inc (NYSE: WOLF) shares are surging Monday afternoon after the company announced a reorganization plan, with shareholders receiving substituted new common stock. The stock surged as much as 1,450% following news of its Chapter 11 restructuring and corporate changes. Here’s what investors need to know.
What To Know: 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.
