Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 181

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 181
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626
        )

        (72,303
        )

        Debt, net of current portion

        $
        4,947

        $
        6,239

       Expected future minimum principal payments under the Company’s total debt is as follows as of December 31, 2024 (in thousands): 

        Years
         
        ConvertibleNotesPayable

        Borrowings

        Total

        2025
         
        $
        —

        $
        37,626

        $
        37,626

        2026

        5,000

        —

        5,000

        Total debt
         
        $
        5,000

        $
        37,626

        $
        42,626

       Convertible Promissory NotesHistorical Convertible Promissory NotesBetween 2017 and 2022, the Company issued convertible promissory notes to various investors with maturity dates ranging from October 2020 to April 2025. The annual interest rates varied between 4.0% and 7.0%. In November 2023, the Company entered into an amendment with certain convertible promissory noteholders to modify the conversion terms such that these notes were automatically convertible upon a special purpose acquisition company (“SPAC”) transaction. In March 2024, upon the Closing of the Business Combination, an aggregate principal and interest amount of $32.1 million converted into 4,258,223 shares of common stock at a conversion price of $10.00. In April 2024, the Company repaid one of the convertible promissory notes that was issued in 2021 with a principal amount of $0.6 million. In August and September 2024, the Company repaid one of the convertible promissory notes that was issued in 2017 with a principal amount of $1.0 million. In November and December 2024, the Company repaid in full the outstanding 

 65

GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

convertible promissory note that was issued in 2017 with a principal amount of $4.0 million. As of December 31, 2024, none of the historical notes remained outstanding.2023 and 2024 Convertible Promissory NotesIn November 2023, February 2024 and March 2024, the Company issued convertible promissory