Key PointsWolfspeed canceled its existing common stock and issued shares of a new stock earlier this week as part of its bankruptcy. 10 stocks we like better than Wolfspeed ›Shares of Wolfspeed (NYSE: WOLF) are sinking on Wednesday, down 12.1% as of 1:35 p.m. E.T. Wolfspeed gets a new stockOn Monday, Wolfspeed canceled all its existing shares and issued new stock. Buried in a Form 8-K filed with the SEC last week, Wolfspeed admitted the danger: "Wolfspeed expects that its equity holders may experience a significant loss on their investment." I would stay away from Wolfspeed stock until the situation reaches equilibrium.