Concord Acquisition Corp III enters $350M business combination with GCT Semiconductor

GCT Semiconductor Holding, Inc.

SPAC CNDB to merge with GCT; target valued at $350M (adjusted for debt and cash).
PIPE investors commit ~$29.9M at $6.67/share; convertible notes add up to $13.3M.
GCT stockholders receive shares of New CND common stock; earnout of up to 20M shares at $12.50/$15.00/$17.50 share targets.
Sponsor agrees to vote for deal, not redeem shares, and forfeit up to 2.82M private warrants; lock-up period one year.
Closing conditioned on stockholder approvals, $5M+ net tangible assets, and SEC registration statement effectiveness.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GCT Semiconductor Holding, Inc. entered into Business Combination Agreement with GCT Semiconductor, Inc. valued at $350 million (effective 2023-11-02).

Action: entry
Agreement: merger
Counterparty: GCT Semiconductor, Inc.
Value: $350 million
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, Concord Acquisition Corp III, a Delaware corporation (the “Company”) enterd into a business combination agreement (the “Business Combination Agreement”) with GCT Semiconductor, Inc., a Delaware corporation (“GCT”), and Gibraltar Merger Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company (“Merger Sub”).

View on SEC.gov

Browse all material agreements →

GCT Semiconductor Holding, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-115546

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.