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

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").

The special meeting in lieu of annual meeting of stockholders of Concord for the approval of the Business Combination (the "Meeting") and related matters is scheduled for February 27, 2024 at 11 a.m. Eastern Time. Further information regarding the Meeting is set forth in the proxy statement/prospectus included in the Registration Statement. A definitive proxy statement/prospectus is being mailed to Concord stockholders of record as of close of business on February 5, 2024 (the "Record Date"). Concord stockholders of record as of the Record Date will be entitled to notice of, and to vote at or before, the Meeting.

Following the closing of the Business Combination, which is expected to occur shortly after the Meeting, following the completion of the audit of GCT's financial statements for the fiscal year ended December 31, 2023, the parties expect that the combined company's shares of common stock and warrants will commence trading on the New York Stock Exchange ("NYSE") under the symbols "GCTS" and "GCTSW," respectively.