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Why Wolfspeed Stock Is Skyrocketing Today

TheMotleyFool 
0 0 15.01.25
Why Wolfspeed Stock Is Skyrocketing Today
 

Shares of Wolfspeed (NYSE: WOLF) are seeing explosive gains in Wednesday's trading. The silicon carbide specialist's share price was up 25% as of 1 p.m. ET today amid the backdrop of a 1.5% gain for the S 500 index and a 2% jump for the Nasdaq Composite index.

Wolfspeed is surging today following fundraising news and a CHIPS Act announcement from the company. The stock is also getting a boost from the latest inflation report from the Bureau of Labor Statistics (BLS).

Wolfspeed published a press release today announcing that it had raised approximately $200 million through new stock sales. The company sold roughly 27.79 million shares of common stock and will use the proceeds to strengthen its capital structure, reduce leverage, and address outstanding maturities on its balance sheet.

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Source Fool.com

Wolfspeed Inc. Stock

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