Emergence from Voluntary Reorganization under Chapter 11 (Tables)

12 Months Ended

Jun. 28, 2026

The table below presents the reorganization items as a result of the Chapter 11 Cases during the periods presented:


	Successor	Predecessor
(in millions of U.S. dollars)	Period from September 30, 2025 through June 28, 2026	Period from June 30, 2025 through September 29, 2025	Fiscal Year Ended June 29, 2025	Fiscal Year Ended June 30, 2024
Allowed claims adjustments	$—	$475.7	$—	$—
Success fees	—	34.0	—	—
Professional fees	—	28.2	—	—
Gain on settlement of liabilities subject to compromise	—	(3,751.8)	—	—
Write-off related to Predecessor directors’ and officers’ insurance policy	—	3.6	—	—
Cancellation of unvested Predecessor stock compensation awards	—	61.5	—	—

Fresh start valuation adjustments	—	2,585.4	—	—
Reorganization items, net	$—	($563.4)	$—	$—

Cash payments for Reorganization items, net	$23.7	$38.5	$—	$—

A reconciliation of the enterprise value to the implied value of New Common Stock and reorganization value is set forth below:



(in millions of U.S. Dollars)
Enterprise value			$2,600.0
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments			835.4
Less: Fair value of debt issued upon emergence, including issuance costs, excluding equity-classified substantial premium			(2,151.3)
Less: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes			(168.8)
Less: Fair value of the Renesas Warrant			(33.6)
Less: Cash from MACOM Shares sale captured in enterprise value			(60.8)
Less: Deposit liabilities included in cash			(25.2)
Less: Debt issuance costs			(8.0)
Less: Restricted cash			(28.3)
Implied value of Wolfspeed, Inc's common stock (including reserved but unissued shares)			$959.4
Less: Implied value of the Renesas Base Consideration Shares classified as a liability			($371.1)
Less: Implied value of the obligation to issue Contingent Shares classified as equity			($19.2)
Implied value of Wolfspeed, Inc's common stock outstanding as of the Effective Date			$569.1
Plus: Equity-classified substantial premium associated with New 2L Non-Renesas Convertible Notes			$168.8
Plus: Implied value of the obligation to issue Contingent Shares classified as equity			$19.2
Total stockholders' equity as of the Effective Date			$757.1

The reconciliation of the Company's enterprise value to reorganization value as of the Effective Date is as follows:


(in millions of U.S. Dollars)
Enterprise value			$2,600.0
Plus: Cash and cash equivalents (includes restricted cash) and short-term investments			835.4
Plus: Current liabilities excluding debt			340.4
Plus: Long-term liabilities excluding debt			184.6
Less: Cash from MACOM Shares sale captured in enterprise value			(60.8)
Less: Deposit liabilities included in cash			(25.2)
Less: Debt issuance costs			(8.0)
Less: Restricted cash			(28.3)
Reorganization value			$3,838.1


	As of September 29, 2025
	Predecessor	Reorganization Adjustments			Fresh-Start Adjustments		Successor
Assets
Current assets:
Cash and cash equivalents (includes restricted cash)	$571.6	(90.6)		(1)	—		$481.0
Short-term investments	354.4	—			—		354.4
Total cash, cash equivalents and short-term investments	926.0	(90.6)			—		835.4
Accounts receivable, net	155.6	—			—		155.6
Inventories, net	385.5	—			6.8	(14)	392.3
Prepaid expenses	75.5	(3.6)		(2)	(0.1)	(15)	71.8
Investment tax credit receivable	654.0	—			—		654.0
Other current assets	118.3	—			1.6	(16)	119.9

Total current assets	2,314.9	(94.2)			8.3		2229.0
Property and equipment, net	3,775.8	—			(3,006.6)	(17)	769.2
Intangible assets, net	24.2	—			421.5	(18)	445.7
Long-term investment tax credit receivable	181.3	—			—		181.3
Other assets	254.9	—			(42.0)	(19)	212.9
Total assets	$6,551.1	(94.2)			(2,618.8)		$3,838.1

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$196.5	10.3		(3)	—		$206.8
Contract liabilities and distributor-related reserves	72.9	—			—		72.9
Income taxes payable	0.9	—			—		0.9
Finance lease liabilities	—	0.6		(4)	—		0.6
Other current liabilities	29.3	26.1		(6)	4.4	(20)	59.8
Total current liabilities	299.6	37.0			4.4		341.0
Long-term liabilities:
Long-term debt	—	1,609.0		(7)	—		1,609.0
Convertible notes, net	—	539.7		(8)	—		539.7
Finance lease liabilities - long-term	—	8.3		(4)	(6.4)	(21)	1.9
Long-term warrant	—	33.6		(5)	—		33.6
Forward equity contract	—	371.1		(5)	—		371.1
Other long-term liabilities	16.6	201.5		(9)	(33.4)	(22)	184.7
Liabilities subject to compromise	7,315.3	(7,315.3)		(10)	—		—
Total liabilities	7,631.5	(4,515.1)			(35.4)		3,081.0
Commitments and contingencies
Stockholders’ equity:
Predecessor common stock	0.2	(0.2)		(11)	—		—
Successor common stock	—	—		(12)	—		—
Predecessor additional paid-in-capital	4,103.6	(4,103.6)		(11)	—		—
Successor additional paid-in-capital	—	757.1		(12)	—		757.1
Accumulated other comprehensive loss	(3.0)	—			3.0	(23)	—
Accumulated deficit	(5,181.2)	7,767.6		(13)	(2,586.4)	(23)	—
Total stockholders’ equity	(1,080.4)	4,420.9			(2,583.4)		757.1


Total liabilities and stockholders’ equity	$6,551.1	$	(94.2)		(2,618.8)		$3,838.1

Reflects the changes in cash and cash equivalents, as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Proceeds from issuance of 2L Convertible Notes through the rights offering			$275.0
Payment of Existing Senior Secured Notes (principal and pre-petition accrued interest)			(308.5)
Payment of Existing Senior Secured Notes commitment fees			(15.5)
Payment of Contingent Cash into escrow			(10.0)
Payment of lender professional and success fees, including deferred financing costs			(31.6)
Net change in cash and cash equivalents			($90.6)

Reflects the changes in other current liabilities including the reinstatement of Short-term operating lease liabilities and supply agreement liabilities from liabilities subject to compromise:


			As of September 29, 2025
Reinstatement of short-term operating lease liabilities from liabilities subject to compromise			$10.9
Reinstatement of supply agreements from liabilities subject to compromise			15.2
Net change in other current liabilities			$26.1

Reflects the issuance of New Senior Secured Notes and the issuance of New 2L Non-Convertible Notes at fair value, as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Issuance of New Senior Secured Notes			$1,379.4
Issuance of New 2L Non-Convertible Notes			229.6
Net change in long-term debt			$1,609.0

Reflects the issuance of the New 2L Renesas Convertible Notes at fair value, and the issuance of the New 2L Non-Renesas Convertible Notes (excluding the impact of the equity-classified substantial premium at fair value) as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Issuance of New 2L Non-Renesas Convertible Notes (principal, including backstop commitment premium)			$331.4
Issuance of New 2L Renesas Convertible Notes			216.3
Issuance cost of New 2L Non-Renesas Convertible Notes			(8.0)
Net change in convertible notes, net			$539.7

Reflects the changes in other long-term liabilities and supply agreement liabilities as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Reinstatement of long-term operating lease liabilities from liabilities subject to compromise			$154.2
Reinstatement of long-term supply agreements from liabilities subject to compromise			44.8
Change in deferred tax liability as a result of implementation of the plan			2.5
Net change in other long-term liabilities			$201.5

Reflects the settlement of liabilities subject to compromise in accordance with the Plan and the resulting gain, as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Liabilities subject to compromise			$7,315.3
Reinstatement of short-term finance lease liabilities (see Adjustment 4)			(0.6)
Reinstatement of short-term operating lease liabilities and supply agreements (see Adjustment 6)			(26.1)
Reinstatement of long-term finance lease liabilities (see Adjustment 4)			(8.3)
Reinstatement of long-term operating lease liabilities and supply agreements (see Adjustment 9)			(199.0)
Distribution of proceeds to holders of Senior Secured Notes (see Adjustment 1)			(324.0)
Fair value of issuance of New Senior Secured Notes (see Adjustment 7)			(1,379.4)
Fair Value of Issuance of New 2L Non-Renesas Convertible Notes – principal, including backstop commitment premium (see Adjustment 8)			(331.4)
Fair value issuance of New 2L Non-Renesas Convertible Notes – substantial premium (see Adjustment 12)			(168.8)
Fair value issuance of New 2L Non-Convertible Notes (see Adjustment 7)			(229.6)
Proceeds from the New 2L Non-Renesas Convertible Notes through the rights offering (see Adjustment 1)			275.0
Implied value of issuance of Wolfspeed, Inc. New Common Stock, to creditors (see Adjustment 12)			(540.3)
Fair value issuance of New 2L Renesas Convertible Notes (see Adjustment 8)			(216.3)
Fair value of the Renesas Warrant (see Adjustment 5)			(33.6)
Implied value of forward equity contract (see Adjustment 5)			(371.1)
Distribution of Contingent Cash to non-consolidated escrow account (see Adjustment 1)			(10.0)
Gain on settlement of liabilities subject to compromise (See Adjustment 13)			$3,751.8

(11) Reflects the cancellation of Old Common Stock and additional paid-in capital.

Reflects the issuance of 25.8 million shares of New Common Stock and additional paid-in capital, as follows:


	As of September 29, 2025
(in millions of U.S. dollars)	Common Stock	Additional Paid-in Capital
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to existing equity holders	$—	$28.8
Issuance of Wolfspeed, Inc. common stock, at par, and additional paid-in capital to holders of convertible notes claims	—	540.3
Issuance of Additional paid-in capital for equity-classified premium for New 2L Non-Renesas Convertible Notes	—	168.8
Obligation to issue Contingent Shares to existing equity holders, at the implied value	—	19.2
Net change in Wolfspeed, Inc. common stock and additional paid-in capital	$—	$757.1

Reflects the cumulative impact of the reorganization adjustments discussed above on accumulated deficit.


(in millions of U.S. dollars)			As of September 29, 2025
Gain on settlement of liabilities subject to compromise			$3,751.8
Success fees			(33.9)
Write-off related to directors' and officers' insurance policy			(3.6)
Cancellation of unvested Predecessor stock compensation awards			(61.5)
Total reorganization adjustments impacting reorganization items, net			3,652.8
Cancellation of Old Common Stock and additional paid-in capital (direct charge to equity)			$4,165.3
Issuance of New Common Stock and additional paid-in capital to existing equity holders (direct charge to equity)			(28.8)
Obligation to issue Contingent Shares to existing equity holders (direct charge to equity)			(19.2)
Net deferred tax impacts (classified as tax expense)			(2.5)
Net change in accumulated deficit			$7,767.6

Finance lease assets were remeasured at the amount equal to the corresponding finance lease liabilities:


(in millions of U.S. dollars)	Amount	Estimated Useful Life (in Years)
Land	$14.7	n/a
Building	(1,195.7)	5-40
Machinery and equipment	(537.1)	3-10
Leasehold improvements	(91.7)	Shorter of estimated useful life or lease term
Furniture and fixtures	(2.3)	5
Computer hardware/software	(35.7)	3-10
Vehicles	—	5
Tooling	(5.2)	3-10
Construction in progress	(1,148.0)	n/a
Finance lease - (see Adjustment 21)	(5.6)	n/a
Total property and equipment, net	($3,006.6)

The following table summarizes the changes in the fair value of identified intangible assets:


(in millions of U.S. dollars)	Amount	Estimated Useful Life (in Years)
Patent and licensing rights	$33.5	0.5-23
Trade name	28.0	11
Developed technology	240.0	5-6
Customer relationships	120.0	9
Net change in intangible assets	$421.5

Reflects the changes in other assets due to the adoption of fresh start accounting, as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Right-of-use ("ROU") assets off-market component			($6.1)
ROU assets adjustments (see adjustment 22)			(29.0)
Long-term cloud computing assets			(6.9)
Net change in other assets			($42.0)

Reflects the changes in other current liabilities due to the adoption of fresh start accounting, as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Operating lease liabilities adjustments for incremental borrowing rate ("IBR") (see adjustment 22)			($5.6)
Off-market long-term purchase agreement			10.0
Net change in other current liabilities			$4.4

Reflects the changes in other long-term liabilities due to the adoption of fresh start accounting, as follows:


(in millions of U.S. dollars)			As of September 29, 2025
Operating lease liabilities			($46.4)
Off-market long-term supply agreement			14.4
Change in deferred tax liability as a result of fresh start accounting			(1.4)
Net change in other long-term liabilities			($33.4)

Reflects the cumulative impact of fresh start accounting adjustments discussed above and the elimination of accumulated deficit and accumulated other comprehensive loss.


(in millions of U.S. dollars)			As of September 29, 2025
Fresh start adjustment to Inventories, net			($6.8)
Fresh start adjustment to Prepaid expenses			0.1
Fresh start adjustment to Other current assets			(1.6)
Fresh start adjustment to Property and equipment, net			3,006.6
Fresh start adjustment to Intangible assets, net			(421.5)
Fresh start adjustment to Other assets			42.0
Fresh start adjustment to Other current liabilities			4.4
Fresh start adjustment to Finance lease liabilities – long-term			(6.4)
Fresh start adjustment to Other long-term liabilities for operating lease liabilities			(46.4)
Fresh start adjustment to Other long-term liabilities for off-market long-term supply agreement			14.4
Reset of accumulated other comprehensive loss – securities-related			0.6
Total fresh start adjustments impacting reorganization items, net			2,585.4
Reset of accumulated other comprehensive loss - income tax effects			2.4
Income tax effects on deferred income taxes			(1.4)
Changes in accumulated deficit			$2,586.4