GCT Semiconductor, a prominent designer and supplier of semiconductor solutions, has successfully concluded its merger with Concord Acquisition Corp III, a move that paves the way for its public trading debut on the New York Stock Exchange (NYSE). The merger, initially announced on November 3, 2023, positions GCT for enhanced market visibility and growth opportunities.
As part of the merger agreement, GCT will commence trading on the NYSE under the ticker symbols “GCTS” for common shares and “GCTSW” for warrants. The transaction, valued at approximately $461 million in enterprise value, includes a total pro forma enterprise value of $667 million, incorporating performance-based earnout shares. With gross proceeds of around $50 million from the transaction, GCT is poised for sustained expansion and innovation in the semiconductor sector.
GCT’s Chief Executive Officer, John Schlaefer, expressed optimism about the company’s future prospects, citing the public listing as a catalyst for accelerated product development and commercialization, particularly in the transition to 5G technology.
Dr. Kyeongho Lee, Chairman of the Board and Co-Founder of GCT, acknowledged the collaborative efforts of both GCT and Concord teams in achieving this significant milestone. He emphasized the NYSE debut as a testament to GCT’s commitment to innovation and leadership in wireless semiconductor solutions.
Jeff Tuder, Chief Executive Officer of Concord, highlighted GCT’s technological prowess and established customer base as key strengths driving the merger. He affirmed Concord’s support for GCT’s growth trajectory as a publicly traded entity.
The completion of the merger was facilitated by strategic advisories, with TD Cowen and B. Riley Securities, Inc. serving as financial advisors to Concord and GCT, respectively. Legal guidance was provided by Greenberg Traurig, LLP and Morgan, Lewis & Bockius LLP, among others.
As GCT Semiconductor prepares for its NYSE debut, it anticipates a new chapter of opportunity and advancement in the competitive semiconductor market.
