Item 8.01 Other Events.

On June 24, 2022, pursuant to the previously announced Asset Purchase Agreement, dated October 18, 2020 (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the "Purchase Agreement"), among Wolfspeed, Inc. (the "Company"), SMART Global Holdings, Inc., a Cayman Islands exempted company ("SGH"), and CreeLED, Inc. (formerly known as Chili Acquisition, Inc.), a Delaware corporation and wholly owned subsidiary of SGH ("CreeLED" and collectively with SGH, "SMART"), CreeLED issued a promissory note for $101,823,704 in favor of the Company (the "Earnout Note"). As previously announced, on March 1, 2021, the Company completed the sale of certain assets and subsidiaries comprising its former LED Products segment (the "LED Business") to SMART pursuant to the Purchase Agreement. The Earnout Note was issued based on the revenue and gross profit performance of the LED Business in the first four full fiscal quarters following the closing. The Earnout Note will accrue interest at a rate of the three-month LIBOR plus 3.0% with interest paid every three months, and one bullet payment of principal and all accrued and unpaid interest will be payable on the Earnout Note's maturity date. The Earnout Note will mature on March 27, 2025.

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