Company: GCTS
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0000929638-25-001281
Chunk: 123

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-26
Form: 424B3
Chunk 123
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 common stock at the exchange ratio of 0.1868. • Each outstanding instrument of Legacy GCT stock options, RSUs, and warrant shares were converted into equivalent Company stock options, RSUs, and warrant shares with the same terms and conditions and at the exchange ratio of 0.1868. • Certain GCT convertible promissory notes, including the CVT Financing (see Note 7), were automatically converted into the right to receive a number of shares of the Company common stock at the conversion price of $6.67 per share (see Note 7).

Immediately after the Closing, the Company’s outstanding common stock included the following components (in thousands):

|                                                                            |     | Shares |        |   |
| Common stock of Concord III outstanding prior to the Business Combination  |     |        |  3,941 |   |
| Less: redemption of Concord III’s common stock                             |     |        | (3,766 | ) |
| Sponsor earnout common stock outstanding prior to the Business Combination |     |        |  8,625 |   |
| Common stock of Concord III issued and outstanding                         |     |        |  8,800 |   |
| Common stock issued in PIPE Financing                                      |     |        |  4,530 |   |
| Legacy GCT common stock                                                    |     |        | 32,503 |   |
| Total common stock issued                                                  
 and outstanding                                                            |     |        | 45,833 |   |

The Business Combination was accounted for as a reverse recapitalization under U.S. GAAP because Legacy GCT was determined to be the accounting acquirer, and Concord III was identified as the accounting acquiree for financial reporting purposes. Accordingly, the consolidated financial statements of the Company represent a continuation of the consolidated financial statements of Legacy GCT,

59 GCT SEMICONDUCTOR HOLDING, INC. Notes to Consolidated Financial Statements with the Business Combination treated as the equivalent of Legacy GCT issuing its common stock for the net assets of Concord III, accompanied by a recapitalization, and the net assets of Concord III were recorded at historical cost, with no goodwill or other intangible assets recorded. The results of operations prior to the Business Combination are those of Legacy GCT. Legacy GCT was determined to be the accounting acquirer based the following facts and circumstances: • Legacy GCT stockholders comprised a relative majority of the voting power of GCT; • Legacy GCT stockholders had the ability to nominate a majority of