GCT Semiconductor (GCTS) Stock Surges Following Middle East Collaboration Deal

GCT Semiconductor Holding, Inc. (NYSE: GCTS) has witnessed a remarkable surge of 47.77% in its stock during the current session, reaching a value of $8.49. This substantial increase in GCTS stock follows the announcement of a collaboration deal in the Middle East.

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GCT Semiconductors (GCTS) has entered into a Memorandum of Understanding (MOU) with Aramco, laying the groundwork for a strategic partnership aimed at advancing the 4G/5G ecosystem in Saudi Arabia, particularly for critical mission and public safety networks.

The collaboration intends to jointly design and develop chipsets and modules specialized for LTE, 5G, and the NTN spectrum, facilitating the localization of wireless end-user devices and IoT manufacturing across the Kingdom.

GCT Semiconductor recently concluded its merger with Concord Acquisition. Concord’s sponsor was associated with Atlas Merchant Capital LLC, an investment firm specializing in debt and equity investment strategies, focusing on long-term value creation through specialized expertise in financial services and credit markets.

Effective March 27, 2024, GCT common shares and warrants to purchase common shares began trading on the NYSE under the ticker symbols “GCTS” and “GCTSW” respectively. The transaction valued GCT at an enterprise value of approximately $461 million, with a total pro forma enterprise value of $667 million, inclusive of 20.6 million performance-based earnout shares.

The transaction has provided the merged entity with gross proceeds of around $50 million to support its ongoing expansion. This strategic move is now yielding dividends as the public listing accelerates GCT Semiconductor’s product development and commercialization efforts. The funds raised through the transaction are also positioning GCTS to capitalize on the global shift from 4G to 5G technologies.

Through this recent collaboration, GCT Semiconductor will collaborate with Aramco, leveraging its advanced 4G and 5G capabilities alongside AI-driven modem features to foster the growth of the local ecosystem and deliver dependable, high-speed communication for key applications in Saudi Arabia and beyond.

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