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
Portfolio Pulse from Benzinga Newsdesk
GCT Semiconductor is set to become a publicly listed company through a merger with Concord Acquisition Corp III. The pro forma valuation of GCT is $661 million, with an initial enterprise value of approximately $461 million. The transaction is expected to provide GCT with up to $87 million in gross proceeds to fund the development of a full-band 5G chipset portfolio and expansion into new markets.
November 03, 2023 | 12:06 pm
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Concord Acquisition Corp III is merging with GCT Semiconductor, which will result in GCT becoming a publicly listed company. The deal values GCT at $661 million and is expected to provide $87 million in gross proceeds.
The merger with GCT Semiconductor is a significant event for Concord Acquisition Corp III as it will result in GCT becoming a publicly listed company. The deal's valuation and the expected gross proceeds indicate a positive financial outlook for the merged entity, which could lead to an increase in Concord Acquisition Corp III's stock price in the short term.
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