GCT Semiconductor Holding (GCTS) has issued an announcement.
On March 26, 2024, GCT and Concord III completed a significant business combination, with GCT’s equity valued at $350 million, adjusted for debt, cash, and in-the-money warrants. The transaction involved conversion of debt into GCT common stock, issuance of shares based on an exchange ratio, and PIPE investors committing approximately $30.2 million to purchase shares at $6.67 each. Additionally, new executive appointments were announced, including Edmond Cheng as CFO and Nelson C. Chan to the Board of Directors, alongside the adoption of a new Incentive Award Plan. This strategic move is poised to reshape the company’s financial and operational landscape, potentially impacting its market position.
Learn more about GCTS stock on TipRanks’ Stock Analysis page.
