Lowkeyoptions
Oct 8, 2:59 PM
$WOLF better than private financing
$SMC
Wolfspeed makes chips using silicon carbide, which are more energy-efficient and used in applications that require huge amounts of power conversion such as electric vehicles, solar inverters and industrial power systems
The company said the conditional 30-year commitment, through the defense department's Office of Strategic Capital, reflects its efforts to optimize its capital structure and improve its financial foundation
It plans to use the financing to upgrade its gallium nitride technology for next-generation communications infrastructure and electronic warfare systems and develop radiation-hardening capabilities
The funding is subject to due diligence, definitive agreements, government approvals and other conditions
Under the proposed terms, Wolfspeed would be required to issue to the department warrants to purchase up to 7.5% of Wolfspeed's fully diluted equity
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