Wolfspeed shares lost nearly half their value Friday as comments by the semiconductor firm's outgoing interim Executive Chairman brought concerns about whether it will secure federal funding for its expansion efforts.

Wolfspeed (NYSE:WOLF) shares crashed more than 40% on Friday amid speculation that the Durham, N.C.-based silicon carbide supplier has lost access to its CHIPs Act funding. Wolfspeed did not immediately respond to a request for comment from Seeking Alpha.

Shares of Wolfspeed closed at $2.59 Friday, down about 56% from the close of regular trading on Wednesday. The share has dropped 91% in the past year as it undergoes a manufacturing transition amid softer demand for chips.