Wolfspeed, a leading company in silicon carbide technology, announced that it has received formal clearance from the Committee on Foreign Investment in the United States (CFIUS). Following this approval, Wolfspeed completed the issuance of equity shares to Renesas as part of its court-approved restructuring plan. This transaction includes the release of the final 2.0% Equity Recovery Shares to pre-petition shareholders.
As part of the restructuring agreement, an executive from Renesas will join Wolfspeed’s Board of Directors, strengthening the partnership between the two companies.
**Why this matters**
The CFIUS approval removes regulatory hurdles, allowing Wolfspeed to finalize its restructuring and equity distribution. The inclusion of a Renesas executive on the board signals closer collaboration, which could enhance Wolfspeed’s strategic position in the silicon carbide market. The equity issuance also marks a significant step in fulfilling obligations to pre-petition shareholders.
Source: NewsData