Wolfspeed Stock Surges on Fundraising, Inflation
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Wolfspeed stockThe Motley Fool
•Business
Business & Economics
Why Wolfspeed Stock Is Skyrocketing Today
75% Informative
Shares of Wolfspeed ( NYSE : WOLF) are seeing explosive gains in Wednesday 's trading.
The silicon carbide specialist's share price was up 25% as of 1 p.m. ET today amid the backdrop of a 1.5% gain for the S&P 500 index and a 2% jump for the Nasdaq Composite index.
Wolfspeed announced that it had raised approximately $200 million through new stock sales.
The semiconductor company has struggled as demand for electric vehicles has weakened and planned expansion initiatives have been called off.
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