Concord Acquisition III Sets Vote Date on GCT Semiconductor Deal 

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.

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