DURHAM, N.C.--(BUSINESS WIRE)--Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed business, announced today it has completed an offering of shares of its common stock, pursuant to an at-the-market equity program described in a shelf registration statement filed with the U.S. Securities Exchange Commission on February 11, 2021.

Through the program, the Company sold 4,222,511 additional shares of its common stock for gross proceeds of approximately $500 million.

“We are pleased to have completed this equity offering, which will further strengthen our balance sheet and liquidity position as we grow the Wolfspeed business,” said Gregg Lowe, CEO of Cree. “The additional capital will help support our capacity expansion efforts as we continue to invest for long-term growth and drive the industry transition from silicon to silicon carbide.”

About Cree, Inc.

Cree is an innovator of Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs. Cree’s Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace. Cree’s LED product families include blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications.

For additional product and Company information, please refer to www.cree.com.