Material Event (Form 8-K)

In accordance with the Plan, on September 29, 2025, all of the previously issued and outstanding shares of Wolfspeed's common stock were cancelled, and existing common stockholders received their pro rata share of 1,306,903 shares of Wolfspeed's common stock at an exchange ratio of 0.008352. If certain regulatory milestones are achieved prior to the Regulatory Trigger Deadline (as defined in the Plan), existing common stockholders will also receive their pro rata share of an additional 871,287 shares of Wolfspeed's common stock at an exchange ratio of 0.005568. Therefore, if such regulatory milestones are achieved prior to the Regulatory Trigger Deadline, existing common stockholders will receive their pro rata share of 2,178,190 shares of Wolfspeed's common stock in the aggregate, representing a consolidated exchange ratio of 0.013920. If the Regulatory Trigger Deadline occurs, then the existing common stockholders will not receive any of the contingent shares.