Cree, Inc. officially changed its name to Wolfspeed, Inc.,

Signs a successful transition to a powerful global semiconductor company

The company will be listed on the NYSE under the new symbol "WOLF"

After four years of complete transformation, including divesting two-thirds of its business, and repositioning the company's overall core strategy, Wolfspeed, Inc., a global leader in silicon carbide (SiC) technology and manufacturing, (NYSE: WOLF) officially announced. The company was formerly known as Cree, Inc. (Nasdaq: CREE). Following the official launch of the new name, the company will launch a series of multi-channel, integrated marketing campaigns.

Wolfspeed has been the brand name for the company's SiC Materials and Semiconductor Devices business unit for the past six years. Based on the accumulation and inheritance of more than 30 years of specialized technology, the name Wolfspeed conveys the excellent qualities like a wolf on the one hand – leadership, wisdom and perseverance; on the other hand, it also shows the typical characteristics of speed, which is reflected in the The company's pace of innovation and operations is unrivaled in the industry.

Wolfspeed CEO Gregg Lowe said: "Today marks a major transformational milestone for Wolfspeed, officially marking that we are now a pure and powerful global semiconductor company. The next generation of power semiconductors will be driven by SiC technology. SiC With its superior performance, technology opens up new possibilities and will bring positive changes to the way we live. As a pioneer in this technology, we are excited about the future.”

Gregg Lowe joined the company in September 2017 with the vision and determination to build an ingenuity-based mission to enhance a culture of collaboration and pursue a more productive future. Now, with multi-year long-term material agreements totaling more than $1.3 billion serving multiple industries, a device pipeline totaling more than $15 billion, and a 30-fold increase in capacity from the original factory plan, Wolfspeed is advancing multiple industries Important transition from Si to SiC.

Wolfspeed technology plays an important role in a number of areas, including electrification of the powertrain to support the transition to electric vehicles, wireless communication infrastructure to unlock the potential of smart cities, and electricity storage to facilitate the wider use of renewable energy use. The growing adoption of more energy-efficient solutions by both private and public sectors has accelerated an already strong demand for a better, more sustainable future through environmentally friendly technologies.

Gregg Lowe said: "The strategic improvement of organizational leadership and the execution of the expansion plan has resulted in a significant increase in production and a greater focus on our company mission. This shows that we are transforming the vision we have previously set. Turning into reality. More than 30 years of history give us a signature competitive advantage in the SiC industry.”

About Wolfspeed:
Wolfspeed (NYSE: WOLF) leads the global market adoption of Silicon Carbide (SiC) and Gallium Nitride (GaN) technologies. We provide industry-leading solutions for efficient energy savings and a sustainable future. The Wolfspeed product family includes SiC materials, power switching devices, and RF devices for applications such as electric vehicles, fast charging, 5G, renewable energy and energy storage, and aerospace and defense. We unlock more possibilities through hard work, collaboration and a passion for innovation.

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