** Shares of chipmaker Wolfspeed WOLF.N fall 20.1% to $3.54 premarket

** WOLF's departing CFO Neill Reynolds said on post-earnings call that co may need to pursue in-court options to renegotiate its debt and that "going concern" language would be added to the upcoming quarterly filing

** Co started including the risk of "substantial doubt about the company's ability to continue as a going concern" in the 8-K

** "It appears the probability of bankruptcy has increased substantially," Charter Equity Research says

** J.P.Morgan downgrades rating to "underweight" from "neutral"; says WOLF's path to positive operating cash flow in FY26 is clouded by macro uncertainty, including auto tariffs, CHIPS Act and EV policy risks, rising competition, recent management changes

** Citigroup downgrades rating to "sell" from "neutral" and cuts PT to $3 from $7

** Co on Thurs reported Q3 rev of $185.4 mln, a decline of 7.6% from a year ago

** Avg rating of 13 analysts covering WOLF is "hold"

** As of last close, stock down ~33% this year

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))