Leading the 4G and 5G chip and module ecosystems
Advanced LTE connectivity for the ultimate mobile experience
GCT’s 4G LTE chips and modules enable superior high-speed LTE connectivity to commercial devices worldwide. Our market-proven solutions, certified by top operators, are optimized for numerous applications such as smartphones, tablets, hotspots, USB dongles, routers, M2M, IoT devices and more.
Aramco and GCT Semiconductor Holding, Inc. sign MOU to accelerate the development of the 4G and 5G ecosystem in Saudi Arabia
SAN JOSE, CA and Dhahran, Saudi Arabia – April 5, 2024 – Aramco has signed a Memorandum of Understanding (MOU) with GCT Semiconductor Holding Inc. (“GCT” or the “Company”) (NYSE: GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, setting the stage for a strategic collaboration that would further develop the 4G/5G ecosystem in Saudi Arabia for both mission-critical and public safety networks.
GCT Semiconductor Appoints Nelson C. Chan to Board of Directors
SAN JOSE, CA – April 1, 2024 – GCT Semiconductor Holding, Inc. (“GCT” or the “Company”) (NYSE: GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, today announced the appointment of Nelson C. Chan to its Board of Directors, effective March 26, 2024.
“We are pleased to welcome Nelson Chan to our Board of Directors,” said John Schlaefer, Chief Executive Officer of GCT. “Mr. Chan’s extensive and prominent board experience, deep understanding of 5G and AI technology, as well as his strong leadership skills will be a crucial asset to GCT as we embark on our new journey as a publicly listed company.”
GCT Semiconductor Becomes a Publicly Traded Company After Completing Business Combination with Concord Acquisition Corp III, Will Commence Trading on NYSE Under Ticker Symbol “GCTS”
Transaction values GCT at a pro forma enterprise value of approximately $461 million at closing
Pro forma valuation of GCT of up to approximately $667 million, which includes up to 20.6 million performance-based earnout shares
Transaction provided GCT approximately $50 million of gross proceeds to finalize development of a full-band 5G chipset portfolio as well as for expansion into new markets
Approximately $49 million has been funded via fully committed PIPE and convertible note financing from both existing and new investors of GCT
All GCT existing stockholders retained their equity holdings through GCT’s transition into the publicly listed company and substantially all outstanding convertible notes will convert into common stock at closing
SAN JOSE and NEW YORK, March 26, 2024 – GCT Semiconductor, Inc. (“GCT Semiconductor” or “GCT”), a leading fabless designer and supplier of advanced LTE, IoT and 5G semiconductor solutions, is pleased to announce the completion of its business combination, previously announced on November 3, 2023 with Concord Acquisition Corp III (NYSE: CNDB) (“Concord”) today. Concord’s sponsor is affiliated with Atlas Merchant Capital LLC, an investment firm that offers debt and equity investment strategies, seeking long-term value through differentiated expertise in financial services and credit markets. Commencing at the opening of trading on March 27, 2024, GCT common shares and warrants to purchase common shares will be listed on the NYSE under the ticker symbols “GCTS” and “GCTSW,” respectively. The transaction values GCT at an enterprise value of approximately $461 million, with a total pro forma enterprise value of $667 million, which includes 20.6 million performance-based earnout shares. The transaction has provided the combined company with approximately $50 million of gross proceeds to fuel its continued growth.
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