secwatch.observer — SEC 8-K summary
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Issuer:     WOLFSPEED, INC. (WOLF)
CIK:        0000895419
Form:       8-K
Filed at:   2023-07-05T23:59:59+00:00
Accession:  0001193125-23-181581
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wolfspeed signs 10-year SiC wafer supply deal with Renesas; receives $2B deposit
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- Renesas will deposit $1B immediately, up to $1B additional in 2024; 10-year term maturing 2033.
- Deposit bears 6% interest, rising to 10% or 15% under supply shortages; 5% may be paid in-kind.
- Wolfspeed to supply 150mm SiC wafers starting 2025, then 200mm from John Palmour Manufacturing Center.
- Prepayment by Wolfspeed at 106% to 114% of principal depending on timing and change of control.
- Funds support Wolfspeed's capacity expansion, including JP factory that will boost SiC output 10x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/895419/000119312523181581/0001193125-23-181581-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/895419/000119312523181581/d526824d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-181581

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