Cree is to transfer its stock market listing to the New York Stock Exchange on Monday under the name of its subsidiary Wolfspeed
The company stopped trading on the Nasdaq Global Select Market technology stock market today. The Company will also change its corporate name from Cree, Inc. to Wolfspeed, Inc from Monday.
The move is ironic as Cree tried to sell Wolfspeed, which has a focus on silicon carbide (SiC) and gallium nitride (GaN) power and RF chip technologies to Infineon Technologies in 2016 but was blocked by US regulators.
Since then Cree appointed former Freescale boss Gregg Lowe as CEO and sold off its LED business and invested over $1bn in wafer and foundry capacity for SiC wafers to take advantage of the boom in electric vehicles.
- Infineon to buy Cree's Wolfspeed SiC business
- Wolfspeed takeover by Infineon hit by US objections
- Cree to keep Wolfspeed in-house
- $1bn silicon carbide boost at Cree
- Cree to focus on power business, sells lighting
“We are pleased to join the NYSE, one of the world’s most prestigious trading platforms, as we continue on our transformational journey as a pure play global semiconductor powerhouse leading the industry transition from silicon to Silicon Carbide,” said Gregg Lowe, Chief Executive Officer at Cree | Wolfspeed. “Importantly, our company name change to Wolfspeed capitalizes on our 30-year heritage of working with Silicon Carbide and underscores our ambitious plans to compete and win in the rapidly expanding marketplace, which we believe will continue to provide long-term value for our customers and shareholders.”
“We are excited to welcome Cree | Wolfspeed as it transfers its listing to the NYSE,” said John Tuttle, Vice Chairman and Chief Commercial Officer, NYSE Group. “We look forward to the company joining the NYSE’s community of icons and disruptors, and to supporting their efforts to lead the worldwide transition from silicon to Silicon Carbide.”
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