Wolfspeed Inc (NYSE:WOLF) shares are trading sharply higher Monday morning, extending volatility that began last week despite a lack of new company-specific announcements for the session. Monday’s move follows a series of strategic moves by the company last week.
What To Know: Last week, Wolfspeed initiated a pre-packaged Chapter 11 filing, a move met with strong investor optimism. The company's restructuring plan is set to erase approximately $4.6 billion in debt, a 70% reduction, and slash annual cash interest payments by 60%. This financial overhaul is designed to accelerate the company’s path to profitability.
