Wolfspeed Inc. (WOLF) shares soared 5.09% in intraday trading on Thursday, riding on the momentum of a 38.6% surge in the previous session. The stock's impressive performance is being attributed to the company's ongoing transformation into a pure-play silicon carbide provider, as well as a recent share offering that raised $200 million to enhance its capital structure.

Wolfspeed has been optimizing its portfolio, including the sale of its RF business, to focus solely on the silicon carbide market. This strategic move has excited investors, who see the company as a promising player in the energy-efficient lighting and semiconductor space.

Additionally, Wolfspeed's recent offering of 27.8 million shares, which raised approximately $200 million, has provided the company with much-needed capital to reduce leverage and address outstanding maturities. This financial flexibility is expected to support Wolfspeed's growth and expansion plans in the silicon carbide market.