Wolfspeed, Inc. has filed a prospectus for the potential offer and sale of up to 24,072,041 shares of common stock by selling stockholders. The shares have a par value of $0.00125 per share. The offering comprises existing shares, shares issuable upon the exercise of pre-funded warrants, and shares issuable upon the conversion of 3.5% Convertible 1.5 Lien Senior Secured Notes due 2031. Wolfspeed will not receive any proceeds from the sale of these shares.

Breakdown of Shares

The total of 24,072,041 shares is divided into three specific categories based on the source of the securities. The breakdown is as follows:

Details of the Offering

The prospectus covers shares held by certain selling stockholders, including 3,250,030 shares of common stock. Additionally, 2,000,000 shares may be acquired by selling stockholders upon the exercise of pre-funded warrants. The largest portion of the offering consists of 18,822,011 shares that selling stockholders may acquire upon the conversion of the 1.5L Convertible Notes. Wolfspeed explicitly stated that it is not selling any securities under this prospectus and will not receive any of the proceeds from the sale of the shares by the selling stockholders.

Wolfspeed has launched its fifth-generation silicon carbide MOSFET technology, delivering a substantial performance leap in efficiency for next-generation automotive and industrial applications. The new Gen 5 devices achieve up to a 27% reduction in specific on-resistance compared to currently available competitive 1200 V solutions, addressing critical barriers in electric vehicle adoption such as cost, safety, and mileage range.

The technology is built on Wolfspeed's qualified 200 mm manufacturing platform in Mohawk Valley, N.Y., providing automotive and industrial customers with a rapid, low-risk path to market. This platform allows for a direct transition from design-in to volume production without requiring new manufacturing toolsets, ensuring readiness despite surging demand in sectors like AI.

Performance Metrics and Specifications

Gen 5-based systems are designed to achieve the highest current possible at high temperatures within a competitive 5 x 5 mm footprint. The technology resolves key design challenges by significantly improving system-level conduction losses and reducing the need for system-level design margins.

Durability and Design Advantages

The Gen 5 technology maintains the body diode introduced in the Gen 4 platform while improving the junction temperature to 200℃ continuous and 215℃ for limited life. This enhancement supports the creation of more compact traction inverters and enables the replacement of mechanical relays with solid-state circuit breakers. The MOSFETs also achieve benchmark on-resistance while maintaining excellent switching energy and reduced reverse recovery charge.

Dr. Cengiz Balkas, Wolfspeed Chief Business Officer, highlighted the rapid pace of innovation, noting that the Gen 5 technology gives engineers the most current possible within a 5x5 mm silicon carbide footprint. Dr. Adam Barkley, Vice President of Power Device and Package Development, emphasized that the technology utilizes familiar tools and processes to create a low-risk upgrade path for next-generation programs.

Availability and Roadmap

Samples for the QEM50120-025D10 and QEM50075-025D10 are currently available for select customers through Wolfspeed's direct sales representatives. The company plans to continue launching new 750 V to 1200 V products throughout 2026 and into early 2027, aligning with market demand and finalized customer requirements. Wolfspeed is demonstrating the Gen 5 technology at the PCIM event.