Wolfspeed Climbs 6% On Receipt Of $1.25 Bln Financing

(RTTNews) - Shares of semiconductor company Wolfspeed, Inc. (WOLF) are rising more than 6% Monday morning at $52.44.

The company today said it received $1.25 billion secured note financing from an investment group led by Apollo, with a possible additional $750 million.

Wolfspeed noted that the financing supports its previously announced U.S. expansion plan.

"This important step in our financing provides significant capital to scale up near-term operations at our Mohawk Valley Fab and construction of our Siler City materials facility to help us capture the growing silicon carbide market opportunity," said Gregg Lowe, president and chief executive officer of Wolfspeed.

WOLF has traded in the range of $39.02 - $125.48 in the last 1 year.