11:28 AM EST, 01/15/2025 (MT Newswires) -- Wolfspeed ( WOLF ) said Wednesday it has completed its previously announced "at the market" equity offering selling about 27.8 million common shares for gross proceeds of nearly $200 million.

The offering was conducted under a shelf registration statement and prospectus supplement dated Dec. 9, 2024, the company said.

Wolfspeed ( WOLF ) plans to use the net proceeds from the ATM Program to strengthen its capital structure, lower leverage, and manage outstanding maturities on its balance sheet.

Shares of Wolfspeed ( WOLF ) jumped more than 23% in recent Wednesday trading.

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