Wolfspeed Says In Connection With The Private Placements, The Co Redeemed ~$475.9M Of The Company's Outstanding Senior Secured Notes Due 2030 , Which Is Expected To Lower Annual Interest Expense By ~ $62M And Total Debt By ~$97M

Wolfspeed, Inc. (NYSE:WOLF) ("Wolfspeed" or the "Company"), a global leader in silicon carbide technology, today announced the closing of its previously announced private placements of convertible notes, common stock, and pre-funded warrants (the "Private Placements"). In connection with the Private Placements, the Company redeemed approximately $475.9 million of the Company's outstanding Senior Secured Notes due 2030 (the "Senior Secured Notes"), which is expected to lower annual interest expense by approximately $62 million and total debt by approximately $97 million.

This reduction reflects the completion of the Company's previously announced Private Placements of (i) $379 million aggregate principal amount of 3.5% Convertible 1.5 Lien Senior Secured Notes due 2031 (the "Notes") and (ii) 3,250,030 shares of common stock (the "Shares") and pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 2,000,000 shares of Wolfspeed's common stock. The Shares were priced at $18.458 per share, representing a 10% premium to the closing price on March 18, 2026. The price per Pre-Funded Warrant was $18.448. Each Pre-Funded Warrant is exercisable at the option of the holder of such Pre-Funded Warrant for the purchase of one share of the Company's common stock at an exercise price of $0.01 per share, subject to ownership limitations and customary anti-dilution adjustments.

The aggregate gross proceeds from the Private Placements were used to redeem approximately $475.9 million of the Company's outstanding Senior Secured Notes. The Company concurrently paid the related premiums, accrued interest, fees and expenses of such redemption of the Senior Secured Notes and the placement agent, financial advisor and legal fees, and other expenses, associated with the Private Placements with cash on hand.

The Private Placements were backed by a strong syndicate of investors, including accounts advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research Company, together with several other notable new and existing anchor investors, reflecting confidence in the Company's market opportunity and in the strategic role of silicon carbide in enabling next generation technologies.

The Company believes that the Private Placements mark an important step forward in Wolfspeed's capital optimization strategy.