Why Is Wolfspeed Stock Plummeting Today?
Shares of Wolfspeed (NYSE: WOLF) are sinking on Wednesday, down 12.1% as of 1:35 p.m. E.T. The drop comes as the S 500 and Nasdaq Composite have both gained modestly.
The embattled chipmaker finally exited Chapter 11 protection after successfully restructuring. As part of the process, however, holders of its common stock were severely diluted in order to satisfy its creditors. The stock is falling today as the dust settles and more investors understand what is happening.
Source Fool.com
