News: Microelectronics
19 February 2021
Cree completes $500m at-the-market equity offering
Cree Inc of Durham, NC, USA, which manufactures silicon carbide (SiC) and gallium nitride (GaN) wafers and devices through its Wolfspeed business, has completed an offering of shares of its common stock, pursuant to an at-the-market equity program described in a shelf registration statement filed with the US Securities Exchange Commission on 11 February.
Through the program, the firm sold 4,222,511 additional shares of its common stock for gross proceeds of about $500m.
The equity offering “will further strengthen our balance sheet and liquidity position as we grow the Wolfspeed business,” comments CEO Gregg Lowe. “The additional capital will help support our capacity expansion efforts as we continue to invest for long-term growth and drive the industry transition from silicon to silicon carbide.”
