Wolfspeed Completes Sale of RF Business to MACOM
04 Dezembro 2023 - 11:00AM
Business Wire
Wolfspeed, Inc. (NYSE: WOLF) today announced it completed the
sale of its radio frequency business (“Wolfspeed RF”) to MACOM
Technology Solutions Holdings, Inc. (Nasdaq: MTSI) effective
December 2, 2023. Under the transaction terms, Wolfspeed received
approximately $75 million in cash, subject to a customary purchase
price adjustment, and 711,528 shares of MACOM common stock, which
shares had a market value of approximately $60.8 million based on
the closing price for MACOM’s common stock on December 1, 2023 as
reported on the Nasdaq Global Select Market.
“The completed sale of Wolfspeed RF is the final step in our
transformation, and we’re happy to say Wolfspeed is now the only
pure-play silicon carbide semiconductor manufacturer in the
industry,” said Gregg Lowe, Wolfspeed president and CEO. “As demand
continues to accelerate across the automotive, industrial and
renewable energy markets, we can now focus on innovation and
capacity for our materials and power device businesses.”
Wolfspeed continues to drive the industry transition to silicon
carbide with its ongoing capacity expansion, including the final
build-out of the company’s Mohawk Valley Fab in New York, and
construction of the John Palmour Manufacturing Center (the JP), the
world’s largest silicon carbide materials factory in Siler City,
North Carolina. The state-of-the-art, multi-billion-dollar facility
is targeted to generate a more than 10-fold increase from
Wolfspeed’s current silicon carbide production capacity on its
Durham, North Carolina campus.
About Wolfspeed, Inc.
Wolfspeed (NYSE: WOLF) leads the market in the worldwide
adoption of silicon carbide technologies. We provide
industry-leading solutions for efficient energy consumption and a
sustainable future. Wolfspeed’s product families include silicon
carbide materials and power devices targeted for various
applications such as electric vehicles, fast charging, 5G, and
renewable energy and storage. We unleash the power of possibilities
through hard work, collaboration and a passion for innovation.
Learn more at www.wolfspeed.com.
Forward Looking Statements
This press release contains forward-looking statements involving
risks and uncertainties, both known and unknown, that may cause
Wolfspeed’s actual results to differ materially from those
indicated in the forward-looking statements. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, such as statements about the anticipated
benefits of the transaction, including future financial and
operating results. Actual results, including with respect to
Wolfspeed’s realization of the value of MACOM’s stock received in
connection with the transaction during and following the lapse of
trading restrictions applicable to the shares, the continued growth
of Wolfspeed’s materials and power products businesses, and the
completion of Wolfspeed’s ongoing and announced expansion projects
could differ materially due to a number of factors, including risks
associated with divestiture transactions generally; fluctuations in
the market price of MACOM’s common stock, including during the
period in which trading restrictions apply to the shares prior to
the transfer of control of Wolfspeed’s fabrication facility in
Research Triangle Park, North Carolina (the RTP fab); the risk that
a portion of the shares of MACOM common stock are forfeited by
Wolfspeed in the event that the transfer of the RTP fab is not
completed within four years following the closing date; issues,
delays or complications in completing required carve-out activities
to allow Wolfspeed RF to operate as part of MACOM after the
closing, including incurring unanticipated costs to complete such
activities; risks associated with integration or transition of the
operations, systems and personnel of Wolfspeed RF, each, as
applicable, within the term of the post-closing transition services
agreement between MACOM and Wolfspeed; unfavorable reaction to the
sale by customers, competitors, suppliers and employees; the risk
that costs associated with the transaction will be greater than
Wolfspeed expects; risks associated with Wolfspeed’s expansion
plans, including design and construction delays and cost overruns,
timing and amount of government incentives actually received,
issues in installing and qualifying new equipment and ramping
production, poor production process yields and quality control, and
potential increases to Wolfspeed’s restructuring costs; the risk
that Wolfspeed does not meet its production commitments to those
customers who provide it with capacity reservation deposits or
similar payments; the risk that Wolfspeed may experience production
difficulties that preclude it from shipping sufficient quantities
to meet customer orders or that result in higher production costs,
lower yields and lower margins; Wolfspeed’s ability to lower costs;
the risk that Wolfspeed’s results will suffer if it is unable to
balance fluctuations in customer demand and capacity, including
bringing on additional capacity on a timely basis to meet customer
demand; the risk that longer manufacturing lead times may cause
customers to fulfill their orders with a competitor's products
instead; risks associated with the ramp-up of production of new
products; Wolfspeed’s ability to complete development and
commercialization of products under development; the rapid
development of new technology and competing products that may
impair demand or render Wolfspeed’s products obsolete; and other
factors discussed in Wolfspeed’s filings with the Securities and
Exchange Commission (SEC), including Wolfspeed report on Form 10-K
for the fiscal year ended June 25, 2023, and subsequent reports
filed with the SEC. These forward-looking statements represent
Wolfspeed's judgment as of the date of this release. Except as
required under the U.S. federal securities laws and the rules and
regulations of the SEC, Wolfspeed disclaims any intent or
obligation to update any forward-looking statements after the date
of this release, whether as a result of new information, future
events, developments, changes in assumptions or otherwise.
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20231204412828/en/
Media & Investor Relations Contact: Tyler Gronbach
VP, External Affairs 919-407-4820 media@wolfspeed.com
investorrelations@wolfspeed.com
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