Concord Acquisition Corp III signs non-redemption deals to limit share redemptions in extension vote

GCT Semiconductor Holding, Inc.

Special meeting on May 4, 2023 to vote on extending deadline from May 8 to Nov 8, 2023.
Sponsor allocates 100,000 Founder Shares per investor who agrees not to redeem public shares.
Maximum Investor Shares capped at 400,000 or 9.9% of non-redeemed shares.
Agreements expected to increase funds remaining in trust after the meeting.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

GCT Semiconductor Holding, Inc. entered into Non-Redemption Agreements with one or more third parties (effective 2023-04-06).

Action: entry
Counterparty: one or more third parties
Effective: 2023-04-06

Exact text from the filing

On April 6, 2023, Concord Acquisition Corp III (the “Company”) and Concord Sponsor Group III LLC (the “Sponsor”), the Company’s sponsor, entered into one or more agreements (the “Non-Redemption Agreements”) with one or more third parties in exchange for them agreeing not to redeem shares of the Company’s Class A common stock sold in its initial public offering (the “public shares”) in connection with the special meeting of stockholders called by the Company and scheduled to be held on May 4, 2023

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GCT Semiconductor Holding, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-042916

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