Wolfspeed jumps on up to $1.5 billion conditional loan commitment from US
WOLF•Wolfspeed shares rose 27.4% in extended trading after the company said it received a conditional commitment for up to $1.5 billion in a 30-year U.S. Department of Defense loan to expand domestic production of silicon carbide materials and power devices.
1. Conditional loan commitment
Wolfspeed said it received a conditional commitment for up to $1.5 billion in a 30-year loan from the U.S. Department of Defense to expand domestic production of silicon carbide materials and power devices. CEO Robert Feurle said the commitment’s scale and 30-year term reflect the long-term importance of the technology and manufacturing capabilities the company has built in the United States.
2. Shares rise
Wolfspeed shares rose 27.4% to $39.89 in extended trading. The stock was up about 80% for the year as of the last close.
