Wolfspeed (WOLF) said Wednesday it has completed its previously announced "at the market" equity offering selling about 27.8 million common shares for gross proceeds of nearly $200 million.

The offering was conducted under a shelf registration statement and prospectus supplement dated Dec. 9, 2024, the company said.

Wolfspeed plans to use the net proceeds from the ATM Program to strengthen its capital structure, lower leverage, and manage outstanding maturities on its balance sheet.

Shares of Wolfspeed jumped more than 23% in recent Wednesday trading.

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