Cree Moves Back Wolfspeed IPO

Leading U.S. LED company Cree will be setting back the spinout of its radio frequency and power product businesses, the company CEO Chuck Swoboda told analysts Tuesday.

The spin-off of Wolfspeed will probably be delayed to second half of 2016, a Triangle Business Journal cited Swoboda saying.

The company announced in September 2015, it would be separating its power and radio frequency product business into a new public entity called Wolfspeed, which will be led by board member Frank Plastina.

According to the company’s Chief Financial Officer Mike MicDevitt about US $2 million in IPO costs were included in the quarter results because of “a delay in the anticipated timing of the Wolfspeed IPO.”

The business sector makes up 6% of the company’s overall revenue in the quarter amounting to $27.5 million.

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