SAN JOSE, CALIF. & NEW YORK -- 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.

“Today is a momentous day for our company, our employees and our stockholders, as we begin our journey as a publicly-traded company,” said John Schlaefer, Chief Executive Officer of GCT. “The public listing catalyzes our product development and commercialization and the gross proceeds raised through the transaction will position us to benefit from the global market transition from 4G to 5G. I couldn’t be more excited for what’s to come for GCT.”

“I would like to thank the entire teams at GCT and Concord for their support and cooperation in making this significant milestone possible,” said Dr. Kyeongho Lee, Chairman of the Board and Co-Founder of GCT. “The upcoming debut on NYSE reflects and honors the hard work over the years and marks a new stage in GCT’s mission to innovate and develop leading wireless solutions for the semiconductor industry.”

“We are thrilled to close our business combination with GCT. The prospects for GCT’s technology coupled with the roster of long-standing customers are exceptional,” said Jeff Tuder, Chief Executive Officer of Concord. “We are excited about the opportunity to continue to partner with GCT as the company now enters its next phase of growth as a public company.”

Advisors

TD Cowen is acting as exclusive financial advisor and lead capital markets advisor to Concord, and Cohen & Company Capital Markets, a division of JVB Financial, LLC, is acting as a capital markets advisor to Concord. B. Riley Securities, Inc. is acting as the exclusive financial advisor to GCT. Greenberg Traurig, LLP is acting as legal advisor to Concord. Morgan, Lewis & Bockius LLP is serving as legal advisor to GCT. DLA Piper LLP (US) is acting as legal advisor to TD Cowen and B. Riley Securities, Inc.