Activist investor Jana discloses 'significant' stake in Wolfspeed, urges semiconductor manufacturer to consider sale

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Brendan Mcdermid | Reuters Activist investor Jana Partners disclosed in a letter Monday that it has built a “significant” position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a “staggering erosion of shareholder value,” up to and including a sale.
In the letter to Wolfspeed’s board, viewed by CNBC, Jana wrote that the semiconductor company’s “differentiated manufacturing capabilities” and status as an “American supplier supporting the energy transition” gave it significant intrinsic value.
Jana called on the board to set and execute on metrics and key milestones for two of Wolfspeed’s chip fabrication plants, in Mohawk Valley and Siler City, and identify a “clear funding path” for future expenses, including CHIPS Act funds.
Jana said Wolfspeed’s board should “promptly” begin a comprehensive review of the business, up to and including a sale.