US stocks disrupted | Wolfspeed (WOLF.US) reportedly filed for bankruptcy within the next few weeks, causing its stock price to plummet by 66%.

According to the app of Securities Times, on Wednesday, wolfspeed(WOLF.US) opened with a sharp drop of 66%, triggering a temporary trading halt, now trading at $1.03. On the news front, according to sources cited by The Wall Street Journal, the leading semiconductor silicon carbide wafer producer Wolfspeed has been unable to resolve its debt crisis and will apply for bankruptcy in the coming weeks. The company has rejected several out-of-court debt restructuring proposals from creditors and plans to apply for Chapter 11 bankruptcy protection, a move supported by most of its creditors.