06:38 AM EDT, 09/30/2025 (MT Newswires) -- Wolfspeed ( WOLF ) shares surged early Tuesday after the silicon carbide chipmaker said it completed its financial restructuring and exited Chapter 11 bankruptcy protection, while the company appointed five new members to its board of directors.

The firm reduced its overall debt by about 70% through the restructuring process, with maturities extended to 2030, and lowered its annual cash interest expense by around 60%, it said late Monday. The company has substantial liquidity to continue supplying customers with silicon carbide solutions, it added.

Wolfspeed's ( WOLF ) stock rose 25% in the most recent premarket activity, having closed the previous trading session up 1,726%.

"Wolfspeed ( WOLF ) has emerged from its expedited restructuring process, marking the beginning of a new era," Chief Executive Robert Feurle said in a statement. "As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us."

In June, the company filed for Chapter 11 protection and entered into a restructuring support agreement with its key lenders to reduce its total debt and annual cash interest payments.

Wolfspeed ( WOLF ) is "well positioned" to meet rising demand in end markets, including artificial intelligence, electric vehicles and industrial, according to Feurle. "We remain committed to our mission to deliver cutting-edge solutions to our customers," the CEO added.

In a separate statement, the company said it appointed semiconductor industry veterans Anthony Abate, Mike Bokan, Eric Musser and Hong Hou to its board of directors, along with Aris Bolisay, subject to certain regulatory approvals. Abate, who currently serves as chair of IP network operator GTT Communications, will succeed Tom Werner as chairman of the board, according to Wolfspeed ( WOLF ).

"We are pleased to welcome these new members to our board," Feurle said in the statement. "Their insight and leadership will be instrumental as we build on the current momentum underway, oversee the execution of Wolfspeed's ( WOLF ) strategic priorities, and strengthen our position in the global silicon carbide market."

Tom Werner, Glenda Dorchak, John Hodge, Darren Jackson, Duy-Loan Le, Stacy Smith and Marvin Riley have stepped down from the board, while Mark Jensen and Paul Walsh will continue in their roles as directors, the company said.

Last month, Wolfspeed ( WOLF ) reported a fiscal fourth-quarter adjusted loss of $0.77 per share, down from a $0.89 loss the year before. Revenue declined to $197 million from $200.7 million last year.