BUZZ-Wolfspeed rebounds after $200 mln stock sale

Shares of chipmaker Wolfspeed WOLF.N up 9.3% to $5.27 premarket, and set to snap 5-session losing run, after equity raise completed

Durham, North Carolina-based firm says sold ~27.8 mln shares for $200 mln gross proceeds in previously announced at-the-market (ATM) program

Co plans to use net proceeds to reduce leverage, address outstanding maturities on its balance sheet

The ATM program, filed on Dec 9, was handled by JP Morgan and Wells Fargo

With ~127.7 mln shares outstanding, co has market ~$616 mln market cap

In mid-Nov, the board ousted CEO Gregg Lowe without cause, about two weeks after co forecast qtrly rev below consensus, as slowing EV sales have dented demand for its chips

Through Tues close, WOLF shares lost ~86% over the past year vs Philadelphia Semiconductor index's .SOX roughly 25% gain

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))