News: Microelectronics
15 January 2025
Wolfspeed completes $200m at-the-market equity offering
Wolfspeed Inc of Durham, NC, USA — which makes silicon carbide (SiC) materials and power semiconductor devices — has completed the offering of shares of its common stock under its previously announced ‘at the market’ (ATM) offering program pursuant to a shelf registration statement filed with the US Securities and Exchange Commission and a prospectus supplement dated 9 December.
Through the program, the Wolfspeed sold 27,793,535 shares for gross proceeds of about $200m. The firm intends to use the net proceeds from the ATM Program to improve its capital structure, reduce leverage, and address outstanding maturities on its balance sheet.
“When I became executive chairman of Wolfspeed, completing our CHIPS Act funding process was a top priority of mine and today’s news marks an important milestone in that regard,” says executive chairman Tom Werner. “With the ATM Program completed, we are now one step closer to finalizing our PMT [preliminary memorandum of terms] and receiving our first funding disbursements from the CHIPS office and our other lenders,” he adds. “We look forward to continued collaboration with the CHIPS office to make sure the transition from silicon to silicon carbide is driven by American innovation, with American IP at the forefront.”
Wolfspeed announces $750m in proposed funding from US CHIPS Act plus $750m from investment group
