GCT Semiconductor To Become Publicly Listed Via Merger With Concord Acquisition Corp III; Pro Forma Valuation Is $661M; Initial Enterprise Value Is ~$461M; ~$87M In Gross Proceeds
$CNDB
Blank Checks
Finance
- Pro forma valuation of GCT of $661 million, which includes up to 20.0 million performance-based earnout shares
- Transaction values GCT at a pro forma enterprise value of approximately $461 million at closing
- Transaction is expected to provide GCT with up to $87 million of gross proceeds to fund continued development of a full-band 5G chipset portfolio and expansion into new markets
- Approximately $43 million to be funded via fully committed PIPE and convertible note financing from both existing and new investors of GCT
- All GCT existing stockholders will retain their equity holdings through GCT's transition into the publicly listed company at closing