Wolfspeed receives $698.6M cash tax refund from IRS, boosts liquidity to ~$1.5B

WOLFSPEED, INC.

Received $698.6M in cash from Section 48D AMIC tax refunds from the IRS.
Cash balance now approximately $1.5B; previously received $186.5M in FY2025.
Plans to allocate $192.2M to retire ~$175M of outstanding debt; remainder for general corporate purposes.
Refund supports ramp of 200mm silicon carbide manufacturing and diversification into AI data centers, aerospace/defense, industrial/energy.
Monetization of ~$1B in accrued AMIC refunds continues; plan runs March 5 to April 27, 2026 for option exercises.

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