GCT Semiconductor and Concord Acquisition Corp III Merger Cleared: February 27 Shareholder Vote Scheduled

GCT Semiconductor, a leading designer and supplier of advanced 5G and 4G LTE semiconductor solutions, and Concord Acquisition Corp III (NYSE: CNDB), a special purpose acquisition company, announced that the SEC has declared effective the Form S-4 Registration Statement for their proposed business combination. The merger milestone clears the path for shareholders to vote on the transaction.

Key Meeting Details

Concord Acquisition Corp III stockholders will convene for a special meeting on February 27, 2024 at 11 a.m. Eastern Time to approve the business combination and related matters. The definitive proxy statement/prospectus was mailed to Concord shareholders of record as of February 5, 2024, providing details on the transaction and voting procedures. Shareholders on the record date are entitled to vote at or before the scheduled meeting.

What Happens Next

Following successful shareholder approval and completion of GCT’s 2023 financial statement audit, the combined company’s common stock and warrants are expected to begin trading on the New York Stock Exchange under the ticker symbols “GCTS” and “GCTSW” respectively. This transition marks a significant milestone for the combined entity’s public market debut.

About the Companies

GCT Semiconductor specializes in system-on-chip solutions for 5G and 4G LTE connectivity. The company’s proven platform technology—integrating radio frequency, baseband modem, and digital signal processing capabilities—powers customer premises equipment, mobile hotspots, routers, M2M applications, and smartphones for major global wireless carriers. The fabless design model enables GCT to offer complete semiconductor solutions featuring compact form factors, low power consumption, high performance, and cost-effectiveness.

Concord Acquisition Corp III was established to pursue merger and capital acquisition opportunities within the financial services and fintech sectors. Sponsored by Concord Sponsor Group III LLC, an entity affiliated with Atlas Merchant Capital LLC, the SPAC raised $345 million during its November 2021 initial public offering.

Forward-Looking Statements

This announcement includes forward-looking statements regarding the transaction timing, anticipated NYSE listing, and expectations surrounding the combined company’s operations and market growth. These statements are subject to significant risks and uncertainties, including regulatory approvals, market conditions, competition, and the combined company’s ability to execute its business strategy. Actual results may differ materially from projections. GCT Semiconductor and Concord Acquisition Corp III make no obligation to update forward-looking statements based on new information or future developments.

Important Disclosures

The SEC has declared the Registration Statement effective as of February 14, 2024. All relevant transaction documents, including the definitive proxy statement/prospectus, are available through the SEC’s website at www.sec.gov or by contacting Concord Acquisition Corp III’s Corporate Secretary at 477 Madison Avenue, 22nd Floor, New York, NY 10022.

This communication is for informational purposes only and does not constitute an offer to sell or a solicitation to purchase securities. Investment in any securities described has not been approved or disapproved by the SEC or any regulatory authority.