Wolfspeed shares plunged 59% to $1.28 on Thursday, reaching an all-time low as bankruptcy fears gripped the semiconductor market. The dramatic selloff

Wolfspeed Inc (NYSE:WOLF) shares are crashing Wednesday following reports that the company is preparing to file for bankruptcy.

Wolfspeed ( WOLF -61.34%) was trading around $0.97 per share at 10 a.m. Wednesday. Shares had dropped 69% from Tuesday's close after a Wall Street Journal report Tuesday evening that the company is considering filing a "prepackaged" Chapter 11 bankruptcy plan. Shares of the semiconductor company are down roughly 96% over the past year.

Wolfspeed is a compelling long-term (albeit speculative) investment prospect. Just count on continued volatility for at ... As of 12:56 p.m. ET, the stock is up 23%, in fact, or 35% above last ...

Wolfspeed stock shows potential for gains before earnings with strong momentum, cost-cutting efforts, and positive technicals. Learn more on WOLF stock here.

On Wolfspeed’s WOLF earnings call after the bell Thursday, the company said it is focused on improving its finances, and has “engaged external experts to continue to identify additional cost-saving measures” in addition to current efforts, including cutting 30% of its senior leadership team.

Wolfspeed said earlier this month that it was considering either restructuring its debt or filing for bankruptcy. The company, which manufactures silicon-carbide wafers and chip c

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