A Chips Act cautionary tale

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Financial Times 1d ago

A Chips Act cautionary tale - Financial Times

Quick Summary:

The loan also includes a covenant requiring Wolfspeed not to allow its cash balance, currently at $1.4bn, to fall below $750mn.

One person in the senior lender group observed to me that the capital requirements across the EV value chain are so vast, and the pay-off so distant, that public subsidies are needed across the industry to catalyse private capital.

Wolfspeed’s next quarterly report to the SEC is due in early May and the 2026 convertible maturity will be classified a “current liability”.“The Chips office kept moving the goalposts . . . We could have done a different transaction,” said the person I spoke to.