Why Is Wolfspeed Stock Soaring Today?
Shares of Wolfspeed (NYSE: WOLF) are jumping on Wednesday, up 11.1% as of 2:04 p.m. E.T. The spike comes as the S 500 and Nasdaq Composite gained 0.5% and 0.9%, respectively.
The embattled chipmaker exited Chapter 11 protection after successfully negotiating a plan with its creditors to reduce its suffocating debt load significantly. While this allowed the company to survive, it also meant existing shareholders were massively diluted.
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Source Fool.com
