Editor’s Note: We plan to carry news about Cree until their LED component business is officially sold to to Smart Global Holdings. When the sale closes, we plan to instantly drop our coverage of Cree. If the sale is not completed, then we will continue covering Cree.
Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed® business, announced today it has completed an offering of shares of its common stock, pursuant to an at-the-market equity program described in a shelf registration statement filed with the U.S. Securities Exchange Commission on February 11, 2021.
Through the program, the Company sold 4,222,511 additional shares of its common stock for gross proceeds of approximately $500 million.
“We are pleased to have completed this equity offering, which will further strengthen our balance sheet and liquidity position as we grow the Wolfspeed business,” said Gregg Lowe, CEO of Cree. “The additional capital will help support our capacity expansion efforts as we continue to invest for long-term growth and drive the industry transition from silicon to silicon carbide.”