Wolfspeed share volume shrinks as it switches incorporation from N.C. to Del.
Wolfspeed (NYSE:WOLF) shares were halted during trading on Monday as the company officially moved its incorporation from North Carolina to Delaware.
The changes also initiated a type of reverse split, with current shareholders only receiving a fraction of the new common stock.
The reincorporation is related to Wolfspeed's pathway to emerge from Chapter 11.
"In connection with the Company's emergence from Chapter 11, the Company will effect a reincorporation from the State of North Carolina to the State of Delaware," read a Form 25 filed with the U.S. Securities and Exchange Commission on Monday. "Holders of Common Stock of Wolfspeed, Inc. 'Old' will receive shares of Common Stock of the reorganized Wolfspeed, Inc. 'New.'"
"The Exchange also notifies the Securities and Exchange Commission that as a result of the above indicated conditions this security was suspended from trading on September 29, 2025," according to the form.
The extreme price run-up prompted trading on the stock to halt shortly after 11 a.m. EST.
Wolfspeed also filed with the SEC an application on "Form T-3 and a Form T-1 for the qualification of the indenture identified in those documents ... It is ORDERED that the application shall become effective and the indenture qualified at 10:00 am on September 29, 2025."
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