US Stock Market Move | It is expected to complete the debt restructuring by the end of the third quarter of this year with Wolfspeed (WOLF.US) skyrocketing by 114%.

On Tuesday, Wolfspeed (WOLF.US) surged by 114%, reaching $0.83. In terms of news, the company announced on Monday that it had voluntarily filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code to restructure its debt, with the restructuring expected to be completed by the end of the third quarter of this year. Wolfspeed stated, "By taking this action, the company hopes to better execute its long-term growth strategy and accelerate profitability." The company added that it currently has around $1.3 billion in cash flow, which is sufficient to maintain normal operations during the restructuring period without interrupting services to customers or employees' salaries and benefits.