** Shares of chipmaker Wolfspeed WOLF.N up 9.3% to $5.27 premarket, and set to snap 5-session losing run, after equity raise completed
** Durham, North Carolina-based firm says sold ~27.8 mln shares for $200 mln gross proceeds in previously announced at-the-market $(ATM.UK)$ program
** Co plans to use net proceeds to reduce leverage, address outstanding maturities on its balance sheet
** The ATM program, filed on Dec 9, was handled by JP Morgan and Wells Fargo
** With ~127.7 mln shares outstanding, co has market ~$616 mln market cap
** In mid-Nov, the board ousted CEO Gregg Lowe without cause, about two weeks after co forecast qtrly rev below consensus, as slowing EV sales have dented demand for its chips
** Through Tues close, WOLF shares lost ~86% over the past year vs Philadelphia Semiconductor index's .SOX roughly 25% gain
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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