Wolfspeed Plummets on Report Company Seeking Bankruptcy (1)

(Updates to Wednesday trading.)

Wolfspeed shares plunge 64% on Wednesday, following a Wall Street Journal report that the chipmaker is preparing to file for bankruptcy within a matter of weeks.

• Wolfspeed is aiming to hash out a Chapter 11 plan after passing on multiple debt-holder proposals to restructure its debt out of court, according to the report, which cites sources familiar with the matter
• Stock seeing its biggest intraday selloff on record; it is trading at its lowest since 1995
• Read also: Impact of Wolfspeed’s Reported Bankruptcy Limited, Analysts Say

--With assistance from Ryan Vlastelica.

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