Yahoo Finance

Wolfspeed stock was plummeting on Wednesday after The Wall Street Journal reported the embattled maker of chip wafers could file for bankruptcy within a matter of weeks. Wolfspeed is preparing to submit a Chapter 11 plan that would be supported by the majority of its creditors, according to the report, citing sources familiar with the matter. Wolfspeed said in an earnings report on May 8 that it was “evaluating a number of potential alternatives and may implement a transaction through an in-court solution.”