Wolfspeed shares sink in late trade; company preparing for bankruptcy, WSJ reports

Shares of chip company Wolfspeed WOLF.N down about 56% at $1.37 in late trade, after Wall Street Journal report that the company is preparing to file for bankruptcy in coming weeks

On May 9 conference call departing CFO Neill Reynolds had said the company may need to pursue in-court options to renegotiate its debt and that "going concern" language would be added to the upcoming quarterly filing

Wolfspeed shares, which hit a peak of $142.53 in January 2021, has seen its shares fall sharply in recent years, ending Tuesday's session down 53% YTD