WOLFSPEED, INC. — Form 8-K

Wolfspeed received a conditional 30-year, $1.5 billion senior secured delayed-draw term loan commitment from the U.S. Department of War (through its Office of Strategic Capital) to advance domestic silicon carbide and gallium nitride semiconductor production for defense and national security applications. The financing is subject to substantial due diligence, definitive agreement negotiation, and closing conditions; upon funding, Wolfspeed must issue warrants to purchase up to 7.5% of fully diluted equity pro rata as tranches are drawn. No assurance exists that definitive agreements will be executed or financing provided.