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Cree completes sale of its LED business to SMART Global Holdings, Inc.

Date Announced: 04 Mar 2021

“The completed sale of Cree LED represents a major milestone in our transformational journey, establishing the company as a pure-play global semiconductor powerhouse, well positioned to lead the industry transition from silicon to silicon carbide,” said Gregg Lowe, Cree CEO. “As industries across the globe look to increase efficiency and performance with smaller, more scalable power systems, this evolution sharpens our focus and strengthens our continued investments to capitalize on multi-decade growth opportunities for Wolfspeed silicon carbide and GaN solutions across EV, 5G and industrial applications.”

Cree continues to drive the industry transition from silicon to silicon carbide forward with its ongoing capacity expansion plans and technology leadership, including its materials factory at its North Carolina headquarters and its Mohawk Valley Fab construction in Marcy, N.Y., which upon completion will be the world’s largest silicon carbide manufacturing facility, as well as the world’s first 200-millimeter silicon carbide fabrication facility, with production expected to begin in 2022.

About Cree, Inc:

For more than 30 years, the company has served as the global leader in silicon carbide technology and production, leading the worldwide transition from silicon to silicon carbide. Customers leverage the Wolfspeed® product portfolio for disruptive technology solutions that support a more efficient, sustainable future including electric vehicles, fast charging, 5G, power supplies, renewable energy and storage, as well as aerospace and defense. Our people are dedicated to driving a significant shift in the technology sector and creating a global semiconductor powerhouse. For additional product and Company information, please refer to www.cree.com.

Contact

Cree Wolfspeed

4600 Silicon Drive

Durham, North Carolina, 27703

USA

E-mail: investorrelations@cree.com

Web Site: www.cree.com

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