Emergence from reorganization resets capital structure, ownership, and financial comparability

Key Facts

• Wolfspeed issued approximately 43,564,315 shares of New Common Stock, including shares issued to existing holders and Renesas; contemplated equity awards were not reflected because Board approval had not occurred by the Plan Effective Date.
• Wolfspeed adopted fresh start accounting upon emergence from bankruptcy on the Plan Effective Date because existing voting shareholders received less than 50% of the Successor Company’s voting shares and the reorganization value of assets was less than post-petition liabilities and allowed claims.

Source

View the source SEC filing