GCT Semiconductor and Concord Acquisition III announced that the SEC has declared effective the registration statement outining their proposed business combination. The SPAC called a Feb. 27 meeting for shareholders to vote on the deal, which has a pro forma enterprise value of $661 million, including 20 million performance-based earnout shares.
The target is a designer and supplier of advanced LTE, IoT and 5G semiconductors.
Announced in November, terms call for the issuance of approximately 54,860,842 shares to GCT stakeholders, who would control about 68.7% of the company. The deal also has the support of a $29.9 million PIPE.
Concord III raised $351.9 million in a November 2021 IPO with plans to acquire and manage a business in the financial services and financial technology sectors, however, redemptions ahead of a favorable extension vote last May removed about 88% of the trust. At the last extension vote, in November, redemptions erased another $1.1 million, leaving approximately $42.2 million in the trust. Read more.
