Wolfspeed slumps after co plans US bankruptcy filing in deal reached with creditors

Shares of chipmaker Wolfspeed WOLF.N down 10.3% at $0.80 premarket

Co plans to file for bankruptcy in the United States under a restructuring agreement with creditors, cutting debt by nearly 70% and securing new financing

Co raised going-concern doubts in May due to financial pressures from shifting U.S. trade policies and weakening demand

Avg rating of nine brokerages is "sell", with a median PT of $3 - data compiled by LSEG

Stock down ~86% so far this year through Friday's close