This filing confirms the final accounting for Wolfspeed's emergence from bankruptcy and receipt of all regulatory approvals. No new operational or strategic catalysts. Monitor the next 10-Q for post-restructuring operating performance and cash burn trajectory.
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Executive Summary
Wolfspeed filed unaudited pro forma financials reflecting its emergence from Chapter 11 bankruptcy on September 29, 2025, adoption of fresh start accounting, and receipt of all regulatory approvals (including CFIUS) on January 29, 2026. The pro forma combined net loss for FY2026 was $665.9 million on revenue of $665.1 million, with a pro forma loss per share of $14.44. This filing is a routine accounting disclosure of previously consummated restructuring events — no new business developments.
Key Facts
- Prepackaged Chapter 11 plan became effective September 29, 2025; all regulatory approvals (CFIUS, antitrust, Italy, etc.) obtained by January 29, 2026.
- Pro forma combined FY2026 revenue: $665.1 million; pro forma net loss: $665.9 million; pro forma loss per share: $14.44.
- Enterprise value estimated at $2.6 billion (midpoint of $2.35B–$2.85B range) as of Plan Effective Date; reorganization value: $3.838 billion.
- Old common stock cancelled; existing holders received ~1.3 million shares of New Common Stock; total ~43.6 million new shares issued.
- Renesas received $203.6M in new convertible notes, warrants for 4.94M shares at $23.95, and 16.85M shares; Forward Equity Contract settled at $292.1M.
- Senior secured noteholders received $1.3B new notes due 2030; convertible noteholders received ~$331.4M in new convertible notes and ~$296.4M in PIK toggle notes.
- Contingent Cash of $15M escrowed; $10M returned to Wolfspeed, $5M to senior secured noteholders upon regulatory approval.
Financial Impact
Pro forma combined net loss of $665.9 million on $665.1 million revenue for FY2026; enterprise value $2.6 billion; reorganization value $3.838 billion.
Risk Factors
- Pro forma financials are illustrative and not indicative of future results; actual results may differ materially from projections.
- Enterprise value and equity value depend on achieving future financial projections; discount rate of 20.1% implies high execution risk.
- Massive net loss and negative gross margin (-$196.3M) indicate ongoing operational challenges post-restructuring.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-393237 |
| Document: d45459d8k.htm | 0001193125-26-393237 |
| Document: 0001193125-26-393237-index-headers.html | 0001193125-26-393237 |
| Document: 0001193125-26-393237-index.html | 0001193125-26-393237 |
| Document: 0001193125-26-393237.txt | 0001193125-26-393237 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | 8-K | $31.02 $25.91 | ▼ −16.47% | ▼ −16.20% | $25.21 (−18.73%) |
Sep 16, 2026 5w ago | 8-K | $23.74 $26.30 | ▲ +10.78% | ▲ +9.93% | $25.21 (+6.19%) |
Sep 11, 2026 6w ago | DEFA14A | $23.96 $27.71 | ▲ +15.65% | ▲ +15.54% | $25.21 (+5.22%) |
Aug 25, 2026 9w ago | 8-K | $26.93 $26.65 | ▼ −1.04% | ▼ −0.92% | $25.21 (−6.39%) |
Jul 29, 2026 12w ago | 8-K | $20.06 $25.19 | ▲ +25.57% | ▲ +20.04% | $25.21 (+25.67%) |
Jun 22, 2026 18w ago | EFFECT | $52.97 $45.97 | ▲ +13.21% | ▲ +11.15% | $25.21 (+52.41%) |
Jun 9, 2026 20w ago | 8-K | $43.42 $45.00 | ▲ +3.64% | ▲ +0.21% | $25.21 (−41.94%) |
Mar 19, 2026 31w ago | EFFECT | $17.06 $16.82 | ▼ −1.41% | ▲ +0.80% | $25.21 (+47.77%) |
Mar 9, 2026 33w ago | S-1 | $16.58 $17.89 | ▼ −7.90% | ▼ −8.81% | $25.21 (−52.05%) |
US Market Status
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