This filing is a retrospective accounting disclosure of a bankruptcy emergence that closed months ago. No new operational guidance or catalysts are provided. Monitor the next quarterly report for actual post-emergence operating performance and any update on the Renesas warrants (exercisable at $23.95) and convertible note conversion activity.
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Executive Summary
Wolfspeed filed unaudited pro forma financials illustrating the effects of its prepackaged Chapter 11 plan (effective Sept 29, 2025), fresh-start accounting, and receipt of all regulatory approvals (including CFIUS) on Jan 29, 2026. The pro forma statements show a combined net loss of $530.6M for the nine months ended March 29, 2026, and $1.213B for FY2025, with the company emerging with ~43.6M new common shares and a reorganized capital structure. This filing is a backward-looking accounting disclosure of a bankruptcy emergence that occurred months ago — it provides no new operational guidance or forward-looking catalysts.
Key Facts
- Prepackaged Chapter 11 plan became effective Sept 29, 2025; all regulatory approvals (CFIUS, antitrust) received by Jan 29, 2026.
- Pro forma combined net loss of $530.6M for the nine months ended March 29, 2026, and $1.213B for FY2025.
- Enterprise value of the Successor company estimated at $2.6B (midpoint of $2.35B–$2.85B range) as of the Effective Date.
- Total of ~43.6M shares of New Common Stock issued; old common stock cancelled with existing holders receiving ~1.3M shares.
- Renesas received $203.6M in convertible notes, warrants for 4.94M shares at $23.95, and 16.85M shares of new common stock.
- $1.3B in new Senior Secured Notes due 2030 and $331.4M in new 2.5% Convertible Second-Lien Notes issued.
- Fresh-start accounting adopted; financial statements post-Sept 29, 2025 are not comparable to pre-bankruptcy periods.
Financial Impact
Pro forma combined net loss of $530.6M (9 months ended Mar 29, 2026) and $1.213B (FY2025); enterprise value of $2.6B; $1.3B new senior secured notes; $331.4M convertible notes; $296.4M PIK toggle notes.
Risk Factors
- Pro forma financials are illustrative and not indicative of future results; actual performance may differ materially.
- Massive shareholder dilution: old common equity holders received only ~1.3M of 43.6M new shares (~3%).
- High leverage with $1.3B senior secured notes and additional convertible/PIK debt; 20.1% WACC used in DCF implies high cost of capital.
- Renesas holds significant influence via 16.85M shares, convertible notes, and warrants — potential for governance shifts or strategic actions.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-263792 |
| Document: d298553d8k.htm | 0001193125-26-263792 |
| Document: 0001193125-26-263792-index-headers.html | 0001193125-26-263792 |
| Document: 0001193125-26-263792-index.html | 0001193125-26-263792 |
| Document: 0001193125-26-263792.txt | 0001193125-26-263792 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | DEFA14A | $23.96 $27.71 | ▲ +15.65% | ▲ +15.54% | $34.98 (+45.99%) |
Aug 25, 2026 5w ago | 8-K | $26.93 $26.65 | ▼ −1.04% | ▼ −0.92% | $34.98 (+29.89%) |
Jul 29, 2026 9w ago | 8-K | $20.06 $25.19 | ▲ +25.57% | ▲ +20.04% | $34.98 (+74.38%) |
Jun 22, 2026 14w ago | EFFECT | $52.97 $45.97 | ▲ +13.21% | ▲ +11.15% | $34.98 (+33.96%) |
Jun 9, 2026 16w ago | 8-K | $43.42 $45.00 | ▲ +3.64% | ▲ +0.21% | $34.98 (−19.44%) |
Mar 19, 2026 28w ago | EFFECT | $17.06 $16.82 | ▼ −1.41% | ▲ +0.80% | $34.98 (+105.04%) |
Mar 9, 2026 29w ago | S-1 | $16.58 $17.89 | ▼ −7.90% | ▼ −8.81% | $34.98 (−110.98%) |
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