Cree Moves Back Wolfspeed IPO

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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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