Wolfspeed sinks premarket on Chapter 11 plan, retail bearish
Wolfspeed plunged 17% premarket Monday after confirming a Chapter 11 plan to cut $4.6B in debt. The stock is down 86% YTD. The CEO says the restructuring aims to support long-term growth. Retail sentiment remains bearish, with equity holders set to get just 3-5% of new shares and no expected short squeeze.