Wolfspeed, Inc. is trading at $47.34 (-14.58%) in pre-market following an announcement that existing stockholders have registered for a potential sale of over 24 million shares.
- The company filed a Form S-1 with the SEC on June 9, covering the resale of shares held by certain stockholders and those issuable upon conversion of warrants and notes.
- This move allows for the potential public or private sale of 24,072,041 shares at the discretion of the selling stockholders.
- Wolfspeed itself will not receive any proceeds from the sale, which adds potential selling pressure to the stock.