WOLFSPEED, INC. — fact timeline

WOLFSPEED, INC. incurred debt of $500 million with Renesas Electronics America Inc..

“On February 27, 2024, Renesas America completed an Additional Funding in an aggregate principal amount of $500 million based on a request delivered by the Company.”

WOLFSPEED, INC. reported financial results for second quarter of fiscal 2024.

“On January 31, 2024, Wolfspeed, Inc. (the "Company") issued a press release announcing results for the fiscal second quarter ended December 31, 2023.”

WOLFSPEED, INC. reported second quarter of fiscal 2024 results: revenue $192 million to $222 million, net income $131 million to $153 million, EPS $1.04 to $1.22 per diluted share.

“For its second quarter of fiscal 2024, Wolfspeed targets revenue from continuing operations in a range of $192 million to $222 million. GAAP net loss from continuing operations is targeted at $131 million to $153 million, or $1.04 to $1.22 per diluted share.”

WOLFSPEED, INC. reported first quarter of fiscal 2024 results: revenue $197.4 million.

“Consolidated revenue of $197.4 million, compared to $189.4 million”

WOLFSPEED, INC.: Approved amendment to Restated Articles to increase authorized shares of common stock from 200,000,000 to 400,000,000, consolidated into Amended and Restated Articles of Incorporation (effective 2023-10-23).

“On October 23, 2023, the shareholders of the Company approved an amendment to the Company’s Restated Articles of Incorporation, as amended (the “Restated Articles”), to increase the number of authorized shares of common stock from 200,000,000 to 400,000,000. The amendment was combined with prior amendments to the Restated Articles into one consolidated Amended and Restated Articles of Incorporation (the “Amended and Restated Articles”) and filed with the Secretary of State of the State of North Carolina on October 23, 2023.”

WOLFSPEED, INC. shareholders approved Advisory (nonbinding) vote on the frequency of future shareholder advisory votes on executive compensation at the 2023-10-23 meeting.

“Proposal No. 6 : Advisory (nonbinding) vote on the frequency of future shareholder advisory votes on executive compensation. The votes were cast as follows: Votes For 1 Year Votes For 2 Years Votes For 3 Years Abstained Advisory (nonbinding) vote on the frequency of future shareholder advisory votes on executive compensation 98,901,730 61,414 1,080,879 93,338 Proposal No. 6 was approved for "1 Year".”

WOLFSPEED, INC. shareholders approved Advisory (nonbinding) vote to approve executive compensation at the 2023-10-23 meeting.

“Proposal No. 5 : Advisory (nonbinding) vote to approve executive compensation. The votes were cast as follows: Votes For Votes Against Abstained Advisory (nonbinding) vote to approve executive compensation 77,112,086 22,526,657 498,618 Broker Non-Votes: 10,359,206 Proposal No. 5 was approved.”

WOLFSPEED, INC. shareholders approved Ratification of the appointment of PricewaterhouseCoopers LLP as independent auditors for the fiscal year ending June 30, 2024 at the 2023-10-23 meeting.

“Proposal No. 4 : Ratification of the appointment of PricewaterhouseCoopers LLP as independent auditors for the fiscal year ending June 30, 2024. The votes were cast as follows: Votes For Votes Against Abstained Ratification of PricewaterhouseCoopers LLP appointment 110,241,852 168,999 85,716 Proposal No. 4 was approved.”

WOLFSPEED, INC. shareholders approved Approval of the Wolfspeed, Inc. 2023 Long-Term Incentive Compensation Plan at the 2023-10-23 meeting.

“Proposal No. 3 : Approval of the Wolfspeed, Inc. 2023 Long-Term Incentive Compensation Plan. The votes were cast as follows: Votes For Votes Against Abstained Approval of the Wolfspeed, Inc. 2023 Long-Term Incentive Compensation Plan 63,035,479 37,001,159 100,723 Broker Non-Votes: 10,359,206 Proposal No. 3 was approved.”

WOLFSPEED, INC. shareholders approved Approval of an amendment to the Restated Articles to increase the number of authorized shares of common stock from 200,000,000 to 400,000,000 at the 2023-10-23 meeting.

“Proposal No. 2 : Approval of an amendment to the Restated Articles to increase the number of authorized shares of common stock from 200,000,000 to 400,000,000. The votes were cast as follows: Votes For Votes Against Abstained Approval of an amendment to the Restated Articles 95,445,365 14,596,622 454,580 Proposal No. 2 was approved.”

WOLFSPEED, INC. shareholders approved Election of ten nominees to serve as directors at the 2023-10-23 meeting.

“Proposal No. 1 : Election of ten nominees to serve as directors. The votes were cast as follows: Name Votes For Votes Withheld Glenda M. Dorchak 97,941,953 2,195,408 John C. Hodge 98,393,633 1,743,728 Clyde R. Hosein 96,264,425 3,872,936 Darren R. Jackson 98,379,196 1,758,165 Duy-Loan T. Le 96,232,871 3,904,490 Gregg A. Lowe 99,508,258 629,103 John B. Replogle 91,074,818 9,062,543 Marvin A. Riley 98,419,603 1,717,758 Stacy J. Smith 98,959,581 1,177,780 Thomas H. Werner 98,032,996 2,104,365 Broker Non-Votes: 10,359,206 All nominees were elected.”

WOLFSPEED, INC. entered into Asset Purchase Agreement with MACOM Technology Solutions Holdings, Inc. valued at a payment of $75 million in cash, together with 711,528 shares of MACOM common stock (effective 2023-08-22).

“On August 22, 2023, Wolfspeed, Inc. (“Wolfspeed” or the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with MACOM Technology Solutions Holdings, Inc., a Delaware corporation (“MACOM”).”

WOLFSPEED, INC. reported the full 2023 fiscal year results: revenue $921.9 million, net income GAAP net loss from continuing operations of $329.9 million, or $2.65 per diluted share, EPS $2.65 per diluted share.

“Revenue of $921.9 million, compared to $746.2 million • GAAP gross margin of 30.3%, compared to 33.4% • Non-GAAP gross margin of 32.6%, compared to 35.6% • GAAP net loss from continuing operations of $329.9 million, or $2.65 per diluted share, compared to $295.1 million, or $2.46 per diluted share • Non-GAAP net loss from continuing operations of $180.7 million, or $1.45 per diluted share, compared to $115.4 million*, or $0.96* per diluted share”

WOLFSPEED, INC. reported the fiscal fourth quarter ended June 25, 2023 results: revenue $235.8 million, net income GAAP net loss from continuing operations of $113.3 million, or $0.91 per diluted share, EPS $0.91 per diluted share.

“Revenue of $235.8 million, compared to $228.5 million • GAAP gross margin of 27.4%, compared to 34.5% • Non-GAAP gross margin of 29.0%, compared to 36.5% • GAAP net loss from continuing operations of $113.3 million, or $0.91 per diluted share, compared to $61.8 million, or $0.50 per diluted share • Non-GAAP net loss from continuing operations of $52.8 million, or $0.42 per diluted share, compared to $26.0 million*, or $0.21* per diluted share”

WOLFSPEED, INC. entered into Unsecured Customer Refundable Deposit Agreement with Renesas Electronics America Inc. valued at up to $2 billion (effective 2023-07-05).

“On July 5, 2023 (the “ Effective Date ”), Wolfspeed, Inc. (the “ Company ”) and Renesas Electronics America Inc., a California corporation (“ Renesas America ”) entered into an Unsecured Customer Refundable Deposit Agreement (the “ CRD Agreement ”), pursuant to which Renesas America will provide to the Company up to $2 billion in unsecured deposits.”

WOLFSPEED, INC. incurred senior notes of $1,250,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at (i) during the first three years after the Issue Date, at a rate of 9.875% per a maturing June 23, 2030.

“On June 23, 2023 (the " Issue Date "), in connection with a private placement and sale of $1,250,000,000 aggregate principal amount of senior secured notes due 2030 (the " Senior Notes ") of Wolfspeed, Inc. (the " Company "), the Company and U.S. Bank Trust Company, National Association, as the trustee and collateral agent (the " Agent "), executed an indenture (the " Indenture ") relating to the Senior Notes.”

WOLFSPEED, INC. terminated Credit Agreement with Wells Fargo Bank, National Association valued at Revolving line of credit terminated and all outstanding obligations paid off (effective 2023-06-23).

“In connection with the Company’s entry with the Indenture and issuance of the Senior Notes, the Company terminated the Credit Agreement, and paid off all outstanding obligations thereunder.”

WOLFSPEED, INC. entered into Indenture with U.S. Bank Trust Company, National Association valued at $1,250,000,000 aggregate principal amount of senior secured notes due 2030 (effective 2023-06-23).

“On June 23, 2023 (the “ Issue Date ”), in connection with a private placement and sale of $1,250,000,000 aggregate principal amount of senior secured notes due 2030 (the “ Senior Notes ”) of Wolfspeed, Inc. (the “ Company ”), the Company and U.S. Bank Trust Company, National Association, as the trustee and collateral agent (the “ Agent ”), executed an indenture (the “ Indenture ”) relating to the Senior Notes.”

WOLFSPEED, INC. reported fiscal 2024 results: revenue in a range of $1 billion to $1.1 billion.

“For fiscal 2024, Wolfspeed now targets revenue in a range of $1 billion to $1.1 billion, based on the current ramp plan for 200mm silicon carbide substrate capacity.”

WOLFSPEED, INC. reported the fourth quarter of fiscal 2023 results: revenue in a range of $212 million to $232 million, net income at $98 million to $108 million, EPS $0.79 to $0.87 per diluted share. Guidance initiated.

“For its fourth quarter of fiscal 2023, Wolfspeed targets revenue in a range of $212 million to $232 million. GAAP net loss is targeted at $98 million to $108 million, or $0.79 to $0.87 per diluted share.”

WOLFSPEED, INC. reported the fiscal third quarter ended March 26, 2023 results: revenue $228.7 million, net income $99.5 million, EPS $0.80 per diluted share.

“Quarterly Financial Highlights (all comparisons are to the third quarter of fiscal 2022, unless otherwise noted) • Revenue of $228.7 million, compared to $188.0 million • GAAP gross margin of 29.8%, compared to 34.0% • Non-GAAP gross margin of 32.3%, compared to 36.3% • GAAP net loss of $99.5 million, or $0.80 per diluted share, compared to $66.5 million, or $0.54 per diluted share”

WOLFSPEED, INC. reported the third quarter of fiscal 2023 results: revenue $210 million to $230 million, net income $81 million to $88 million, EPS $0.65 to $0.71 per diluted share. Guidance initiated.

“For its third quarter of fiscal 2023, Wolfspeed targets revenue in a range of $210 million to $230 million. GAAP net loss is targeted at $81 million to $88 million, or $0.65 to $0.71 per diluted share.”

WOLFSPEED, INC. reported the second quarter of fiscal 2023 results: revenue $216.1 million, net income net loss of $90.9 million, EPS $0.73 per diluted share.

“Revenue of $216.1 million, compared to $173.1 million • GAAP gross margin of 31.0%, compared to 32.9% • Non-GAAP gross margin of 33.6%, compared to 35.4% • GAAP net loss of $90.9 million, or $0.73 per diluted share, compared to $96.7 million, or $0.82 per diluted share”

Stacy J. Smith was elected as member of the Board at WOLFSPEED, INC..

“elected Stacy J. Smith, age 60, as a member of the Board to fill the resulting vacancy.”

WOLFSPEED, INC. incurred convertible notes of $1,750 million with U.S. Bank Trust Company, National Association at 1.875% maturing December 1, 2029.

“The Company completed the offering of $1,750 million aggregate principal amount of Notes on November 21, 2022.”

WOLFSPEED, INC. entered into Indenture with U.S. Bank Trust Company, National Association valued at $1,750 million (effective 2022-11-21).

“On November 21, 2022, in connection with the previously announced private offering and sale of $1,750 million aggregate principal amount of 1.875% convertible senior notes due 2029 (the “ Notes ”) of Wolfspeed, Inc. (the “ Company ”), which includes the full exercise by the initial purchasers of the Notes (the “ Initial Purchasers ”) of their option to purchase up to $225 million aggregate principal amount of Notes, the Company and U.S. Bank Trust Company, National Association, as trustee, executed an indenture (the “ Indenture ”) relating to the Notes.”