Wolfspeed shares sink in late trade; company preparing for bankruptcy, WSJ reports
RefinitivLess than 1 min read
** Shares of chip company Wolfspeed 
WOLF down about 56% at $1.37 in late trade, after Wall Street Journal report that the company is preparing to file for bankruptcy in coming weeks
** On May 9 conference call departing CFO Neill Reynolds had said the company may need to pursue in-court options to renegotiate its debt and that "going concern" language would be added to the upcoming quarterly filing
** Wolfspeed shares, which hit a peak of $142.53 in January 2021, has seen its shares fall sharply in recent years, ending Tuesday's session down 53% YTD
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