WOLFSPEED, INC.

On June 30, 2025, we filed the Chapter 11 Cases, which constituted an event of default that accelerated our obligations under the Convertible Notes, the Existing Senior Secured Notes and the unsecured Customer Refundable Deposit Agreement (the "CRD Agreement"), dated as of July 5, 2023, with Renesas (collectively, the “Debt Instruments”). The Debt Instruments provided that, as a result of the Chapter 11 Cases, the principal and interest due thereunder were immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments, however, were automatically stayed as a result of the Chapter 11 Cases, and the stakeholders’ rights of enforcement in respect of the Debt Instruments were subject to the applicable provisions of the Bankruptcy Code. See "Recent Events" in Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report for additional discussion of the treatment of the Convertible Notes, the Existing Senior Secured Notes and the CRD Agreement following our emergence from the Chapter 11 Cases.