Wolfspeed's shares lost half their value on Friday, hitting their lowest level since 1998, as funding through a Joe Biden-era legislation that promised subsidies for chip making in the United States remains uncertain.

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.

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.