What's Going On With Wolfspeed Stock Thursday?

Wolfspeed, Inc. (NYSE: WOLF) shares increased by 10.07% to $34.48 following the announcement of a conditional loan commitment of up to $1.5 billion from the U.S. Department of Defense's Office of Strategic Capital. The loan, which has a 30-year term, is intended to support the domestic development and production of silicon carbide materials and wide bandgap power devices, focusing on U.S. national security applications. If finalized, Wolfspeed would issue government warrants to purchase up to 7.5% of its fully diluted equity, although the deal is subject to due diligence and governmental approvals.