Wolfspeed emerges from Chapter 11; old equity cancelled, new shares issued, board overhauled

WOLFSPEED, INC.

Plan effective Sept 29, 2025; ~25.8M new common shares issued; old common cancelled.
~95% of new shares to pre-petition debt holders; old common holders get ~5%.
Issued $1.259B new senior secured notes due 2030, $180.7M 2.5% convertible notes, $296.4M PIK toggle notes.
Renesas gets warrant for ~4.94M shares at $23.95 and ~$203.6M in new 2L convertible notes.
Six directors departed; four appointed; Abate named Chairman; Renesas board seat pending regulatory approvals.

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