Press Releases

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.

GCT Semiconductor Announces Appointment of Edmond Cheng as Chief Financial Officer

SAN JOSE, CA – March 22, 2024 – GCT Semiconductor, Inc. (GCT) a leading designer and supplier of advanced 5G and 4G semiconductor solutions, today announced that the Board of Directors of GCT has appointed Edmond Cheng as Chief Financial Officer (CFO) effective March 18, 2024.

“We are pleased to welcome Edmond Cheng to the GCT team,” said John Schlaefer, Chief Executive Officer of GCT. “Edmond brings over 25 years of global leadership experience primarily in the technology and manufacturing industry across the United States, Asia, EMEA and the Middle East. His expertise and record of driving shareholder value, as well as his extensive experience in leadership and financial reporting requirements for public companies, will be a critical asset to us as GCT expects to close its business combination transaction with Concord Acquisition Corp. III and become a publicly listed company soon. We are fortunate to have Edmond on board to provide guidance through this transition and to help advance our goals and objectives as a public company.”

GCT Semiconductor and Concord Acquisition Corp III Announce Effectiveness of Registration Statement on Form S-4

Special Meeting of Stockholders Set for February 27, 2024

SAN JOSE and NEW YORK, February 15, 2024 – GCT Semiconductor, Inc. (“GCT Semiconductor” or “GCT”), a leading fabless designer and supplier of advanced LTE, IoT and 5G semiconductor solutions, and Concord Acquisition Corp III (NYSE: CNDB) (“Concord”), a special purpose acquisition company, announced today that the U.S. Securities and Exchange Commission (the “SEC”) has declared effective the Registration Statement on Form S-4 (as amended, the “Registration Statement”) filed by Concord and relating to the previously announced proposed business combination between GCT and Concord (the “Business Combination”).

Airspan Revolutionizes Utilities Market with Groundbreaking End-To-End Solution

BOCA RATON, FL. –  January 17, 2024 – Airspan Networks Holdings Inc., a provider of ground-breaking, disruptive software and hardware for 5G networks and a pioneer in end-to-end Open RAN solutions, is delighted to announce its strategic entry into the Utilities market. With a pioneering end-to-end solution, Airspan is set to revolutionize the industry by offering a comprehensive package that includes the consumer device, the RAN (Radio Access Network), and the core network, seamlessly controlled by a single software platform.

Airspan to become a key player on the new 450MHz spectrum with vRAN solution

Airspan has formed a strategic partnership with GCT Semiconductor, Inc. (“GCT”), a leading fabless designer and supplier of advanced LTE, IoT and 5G semiconductor solutions, to develop a state-of-the-art RF module, designed to be utilized across a diverse range of devices. In addition, Airspan is introducing a new family of vRAN radios that cover the sub 1GHz spectrum. Complementing these hardware advancements, Airspan will also provide a scalable virtual core network. All these cutting-edge components will be managed by a unified software platform that seamlessly integrates with customers’ existing legacy management systems. The solution is modular, meaning that can be purchased as a whole or individual parts to be integrated with existing infrastructure. This comprehensive solution empowers utilities companies to optimize their operations and leverage their current infrastructure while embracing the latest advancements in wireless technology.

GCT Semiconductor to Become Publicly Listed via Merger with Concord Acquisition Corp III, Enhancing the 5G Silicon Ecosystem

  • Pro forma valuation of GCT of $661 million, which includes up to 20.0 million performance-based earnout shares

  • Transaction values GCT at a pro forma enterprise value of approximately $461 million at closing

  • Transaction is expected to provide GCT with up to $87 million of gross proceeds to fund continued development of a full-band 5G chipset portfolio and expansion into new markets

  • Approximately $43 million to be funded via fully committed PIPE and convertible note financing from both existing and new investors of GCT

  • All GCT existing stockholders will retain their equity holdings through GCT’s transition into the publicly listed company at closing

SAN JOSE and NEW YORK, November 3, 2023 – GCT Semiconductor, Inc. (“GCT Semiconductor” or “GCT”), a leading fabless designer and supplier of advanced LTE, IoT and 5G semiconductor solutions, and Concord Acquisition Corp III (NYSE: CNDB) (“Concord”), a special purpose acquisition company, announced today that they have entered into a definitive business combination agreement that would result in GCT becoming a publicly traded company

GCT Semiconductor and Ligado Networks Partner to Enable Commercial Device Operation

on Band 54 Spectrum

Partnership Expands Ecosystem Utilizing Band 54 and Increases Private Network Opportunities for Critical Infrastructure Industry

RESTON, Va. and SAN JOSE, Ca. – October 10, 2023 – Ligado Networks and GCT Semiconductor announced today that GCT’s LTE and LTE-M commercial chipsets will enable devices to operate on LTE Band 54 spectrum at 1670-1675 MHz.

As a leading designer and supplier of 5G and advanced LTE solutions, GCT chipset support for LTE Band 54 expands the ecosystem utilizing the spectrum – while enhancing opportunities afforded to the critical infrastructure industry, including utility and other enterprise organizations seeking to deploy private networks.

NextNav Partners with GCT Semiconductor to Integrate TerraPoiNT Technology

Partnership Will Enable NextNav's TerraPoiNT for Mass Market Applications

McLean, VA – June 21, 2022 – NextNav, a leader in next generation GPS, announced the successful integration of its TerraPoiNT advanced location technology into GCT's LTE chipset. GCT, a leading designer and supplier of advanced 4G and 5G solutions, will offer resilient 3D GPS equivalent performance into its GDM7243i chip. This integration enables NextNav's TerraPoiNT capability to be brought into mass market applications such as timing for critical infrastructure, position/navigation for cars, IoT, and drone/eVTOL markets in GPS-challenged environments.

Ubiik Teams up with GCT Semiconductor on a Private LTE-M Network Solution – Announces Plans to Support Anterix

Ubiik recently joined the Anterix Active Ecosystem to help enable a secure and sustainable network for the private cellular IoT market

SANTA CLARA, CALIF. MARCH 06, 2022

Ubiik today announced that Hermes, its recently released world-first Release 15 LTE-M/NB-IoT Small Cell, has been integrated with GCT’s GDM7243i LTE-M/NB-IoT chipset to operate on 900MHz. Anterix 900MHz (896-901/935-940 MHz), with up to 3MHz paired spectrum, offers a nationwide spectrum band in the U.S. for critical infrastructure and utilities, ideal for LTE-M and multi-carrier NB-IoT, as well as LTE broadband.

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Cavli Wireless Starts Manufacturing of LPWAN, LTE, and 5G IoT Modules in India Based on GCT Semiconductor Chipsets

San Jose, CA – January 24, 2021 – Cavli Wireless, has partnered with GCT Semiconductor and licensed the chipsets, to manufacture and produce LPWAN, LTE, and 5G IoT modules in India. This will be the first-ever initiative to kickstart the manufacturing of industry-grade LTE/LPWAN IoT modules in India. India is an emerging hub of IoT product development for the global market and an IoT module designed, developed, and manufactured in India is already welcoming news for Cavli’s existing customer base.

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OPENEDGES Network-on-Chip Interconnect IP and DDR Controller Licensed for GCT Semiconductor LTE Category 19 Chip

SEOUL, KOREA and SAN JOSE, CA – July 1, 2020 – OPENEDGES Technology, Inc., the world’s leading supplier of Memory Subsystem IP including Network-On-Chip and DDR Controllers, announced today that GCT Semiconductor, Inc. has licensed OPENEDGES’ OICTM NoC Interconnect and OMCTM DDR Controller IP for its new high performance Cat-19 LTE System on a chip (SoC) solution GDM7243AX.

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