Wolfspeed Provides Update on Steps to Strengthen Capital Structure

About this update from Wolfspeed, Inc.

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":480,"url":"https://media.zenfs.com/en/business-wire.com/c9f947dfd16220a0bcd69abdcb3f5149"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/les9qepvbX4HpUk5483mJA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTk2MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/c9f947dfd16220a0bcd69abdcb3f5149","width":480,"height":480}},"lazy":false},{"type":"text","content":"Announces Receipt of $192 million in Section 48D Cash Tax Refunds from IRS","length":74,"tagName":"p","attribs":{}},{"type":"text","content":"Reaffirms Fiscal Third Quarter 2025 Guidance and Current Cash Balance","length":69,"tagName":"p","attribs":{}},{"type":"text","content":"Continues Active Discussions with Lenders, Including Apollo & Renesas","length":73,"tagName":"p","attribs":{}},{"type":"text","content":"Remains in Dialogue with U.S. Department of Commerce","length":52,"tagName":"p","attribs":{}},{"type":"text","content":"DURHAM, N.C., March 28, 2025--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) today announced that the Company has received $192.1 million in cash tax refunds from the advanced manufacturing tax credit under Section 48D. Funds include $186.5 million owed to the Company for both fiscal 2023 and fiscal 2024 taxes, as well as accrued interest. This announcement reflects a portion of the approximately $1 billion total Section 48D cash tax refunds that the Company expects to receive. As of the end of the second quarter of fiscal 2025, the Company had accrued a total of $865 million in Section 48D tax credits. The Company expects receipt of more than $600 million in cash tax refunds in fiscal year 2026. Wolfspeed intends to use the tax credit proceeds to strengthen its capital structure and for general corporate purposes. The Company expects that its cash balance at the end of its fiscal third quarter of 2025 will be approximately $1.3 billion, inclusive of these recently received 48D cash tax credits.","length":1009,"tagName":"p"},{"type":"text","content":"Reaffirming Guidance:","length":21,"tagName":"p"},{"type":"text","content":"The Company is reaffirming its business outlook for the third quarter of fiscal 2025 as follows:","length":96,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":...

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