Wolfspeed (WOLF) shares cratered Wednesday, a day after a report that the struggling silicone carbide chip manufacturer would be filing for bankruptcy "within weeks."

The Wall Street Journal reported Tuesday afternoon that after the company rejected several proposals by creditors to restructure its debt, Wolfspeed was looking at a plan to use 澳洲幸运5官方开奖结果体彩网:Chapter 11 bankruptcy in a way that's acceptable to a majoritℱy of ꩲdebtholders.

The company has been under financial pressure for months, and that was 澳洲幸运5官方开奖结果体彩网:exacerbated in March when outgoing executive chair Tom Warner warned Wolfspeed may lose out on $750 million in grants and $1 billion in tax credits it had been expecting under the 澳洲幸运5官方开奖结果体彩网:CHIPS and Science Act of 2022. In addition, this month the company 澳洲幸运5官方开奖结果体彩网:posted disappointing results and added two board members to assist in dealing with t𒁏he debt.

Investopedia has reached out to Wolfspeed for comment꧑ but has not received a response.

The news sent Wolfspeed shares to an all-time low Wednesday morning, and they're now trading at less than $1 each.