Wolfspeed Inc Stock Price, News & Analysis

Ryder System has appointed Charles M. “Chuck” Swoboda to its board of directors, effective December 12, 2022. Swoboda's notable leadership experience includes his tenure as CEO of Cree, Inc. (now Wolfspeed, Inc.), where he grew revenues from $177 million to over $1.6 billion. His expertise in innovation and financial management is expected to enhance Ryder's strategic vision. The board size will increase to twelve to accommodate this appointment, aiming to leverage Swoboda's skills in governance and audit committees.

Wolfspeed (NYSE: WOLF) has announced its sponsorship of the FIRST® Robotics Competition, aimed at enhancing STEM education access in local communities. This initiative reflects Wolfspeed's ongoing commitment to diversity and innovation in education. The company previously donated $25,000 to support tech teams at SUNY Polytechnic Institute. By 2025, Wolfspeed plans to establish STEM partnerships across all major locations, reinforcing its focus on sustainable energy and future job readiness.

Wolfspeed, Inc. (NYSE: WOLF) announced its participation in the Deutsche Bank AutoTech Conference, where CEO Gregg Lowe will engage in a fireside chat at 11:15 am ET on December 14, 2022. A live webcast will be accessible on Wolfspeed's Investor section of their website. As a leader in Silicon Carbide technology, Wolfspeed focuses on efficient energy consumption for applications including electric vehicles, 5G, and renewable energy. The company is committed to innovation and sustainable solutions.

Wolfspeed, Inc. (NYSE: WOLF), a leader in Silicon Carbide technology, announced presentations by senior management at two upcoming investor conferences. CEO Gregg Lowe and CFO Neill Reynolds will engage in a fireside chat at the 6th Annual Wells Fargo TMT Summit on November 29, 2022, at 6:10 pm ET. Neill Reynolds will also participate in the 26th Annual Credit Suisse Technology Conference on December 1, 2022, at 10:55 am ET. Live webcasts of these events will be accessible via the Investor section of Wolfspeed’s website.

Wolfspeed, Inc. (NYSE: WOLF) has announced pricing for its $1.525 billion offering of 1.875% Convertible Senior Notes due 2029. The offering size was increased from an initial $1.3 billion. The Notes will generate approximately $1.498 billion in net proceeds, which will primarily fund capped call transactions and general corporate purposes. The initial conversion rate is 8.4118 shares per $1,000 principal, representing a 35% premium over the stock's recent price. The Notes will mature on December 1, 2029, and are expected to settle on November 21, 2022.

BorgWarner has announced a strategic investment of $500 million in Wolfspeed to secure a capacity corridor for silicon carbide (SiC) devices, supporting its inverter growth plans. This agreement allows BorgWarner to purchase up to $650 million of SiC devices annually as demand rises. The partnership aims to accelerate technology development and innovation in electric vehicle solutions. BorgWarner aims for $4.5 billion in electric vehicle revenue by 2025, significantly up from under $350 million in 2021. This investment aligns with Wolfspeed's $6.5 billion capacity expansion plan.

Wolfspeed, Inc. (NYSE: WOLF) announced it plans to offer $1.3 billion in Convertible Senior Notes due 2029 in a private offering to qualified institutional buyers. An additional $200 million may be available through an option granted to initial purchasers. The Notes will be unsecured, with interest paid semi-annually, and can be converted into cash, shares, or a combination. Proceeds will fund capped call transactions and general corporate purposes. The offering is subject to market conditions, and no registration under the Securities Act is planned.

On November 9, 2022, AMP announced the integration of Wolfspeed's E-Series Silicon Carbide MOSFETs into its Energy Management Unit, enhancing battery performance and charging efficiency. This collaboration focuses on optimizing costs and improving user experience in electric mobility. AMP's Energy Management Unit will feature ultra-fast DC charging capabilities, enhancing scalability and charging control. Wolfspeed highlighted the growth potential of Silicon Carbide technology in the automotive sector, facilitating deployment in both 400V and 800V systems.

Wolfspeed has partnered with AMP to integrate its E-Series Silicon Carbide MOSFETs into AMP's Energy Management Unit for e-mobility. This collaboration aims to enhance battery performance and reduce costs. The use of Wolfspeed's technology enables improved power density, platform scalability, and charging control. The energy management solution incorporates ultra-fast DC charging capabilities, optimizing the charging experience for electric vehicles. This integration supports Wolfspeed's growth in the automotive sector and expands its automotive-qualified product portfolio.