WOLFSPEED, INC.

Wolfspeed, Inc. announced the appointment of Andreas W. Mattes to its Board of Directors, effective July 28, 2026. Mr. Mattes will also serve on the Compensation Committee. He brings extensive leadership experience from companies like Coherent, Inc., McKinsey & Company, Diebold Nixdorf, Hewlett Packard, and Siemens. His compensation includes an annual cash retainer, an additional retainer for committee service, and equity awards totaling $700,000 initially.

Wolfspeed, Inc. appointed Andreas W. Mattes to its Board of Directors and as chair of the Compensation Committee, effective July 28, 2026. Mattes brings over 40 years of leadership experience in the semiconductor and advanced technology industries, including CEO roles at Coherent and Diebold Nixdorf. The company also announced its 2026 Annual Meeting of Stockholders will be held on October 27, 2026, and updated the deadlines for stockholder proposals and director nominations.

Wolfspeed, Inc. filed an S-1 registration statement for the potential resale of up to 24,072,041 shares of common stock by identified selling stockholders. These shares include existing common stock, shares issuable upon exercise of pre-funded warrants, and shares issuable upon conversion of 3.5% Convertible 1.5 Lien Senior Secured Notes due 2031. The company will not receive any proceeds from these sales, which will be conducted from time to time at the discretion of the selling stockholders.

Wolfspeed, Inc. has filed unaudited pro forma consolidated financial information detailing the effects of its prepackaged plan of reorganization, which became effective on September 29, 2025. The company adopted fresh start accounting and has now received the necessary regulatory approvals as of January 29, 2026. The pro forma statements present the financial impact of these significant events, including substantial net losses for the periods presented, reflecting the restructuring and emergence from bankruptcy.

Wolfspeed, Inc. reported a net loss of $119.9 million for the three months ended March 29, 2026, with a basic loss per share of $3.05. Revenue for the period was $150.2 million, resulting in a gross loss of $40.0 million. The company emerged from Chapter 11 reorganization on September 29, 2025, adopting fresh start accounting, which significantly restructured its capital and reduced total debt by approximately 70%. The company's liquidity position improved, with $1.2 billion in cash, cash equivalents, and short-term investments as of March 29, 2026.

Wolfspeed, Inc. announced its fiscal third-quarter 2026 results, reporting consolidated revenue of $150 million, which was aligned with the midpoint of its guidance. The company posted a GAAP net loss of $120 million and an adjusted EBITDA of ($62) million, with negative GAAP and non-GAAP gross margins. Strategically, Wolfspeed made progress by launching new products for AI data centers, focusing Durham facilities on materials production, and completing Chapter 11 procedures with CFIUS clearance and equity issuance to Renesas. The company also significantly strengthened its balance sheet by refinancing $476 million of debt, reducing total debt by $97 million and projected annual interest expense by $62 million, while maintaining $1.2 billion in liquidity.