Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 160

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 160
---
 leases
     
    $
    744

    $
    766

    Non-cash financing activities:

    Issuance of common stock from conversion of convertible promissory notes
     
    $
    41,209

    $
    72

    Issuance of common stock from cashless warrant exercise
     
    $
    —

    $
    1,499

    Settlement of common stock forward liability in equity
     
    $
    271

    $
    —

    Proceeds from issuance of common stock withheld for outstanding payables
     
    $
    975

    $
    —

    Operating lease right-of-use assets obtained in exchange for operating lease liabilities
     
    $
    54

    $
    1,476

The accompanying notes are an integral part of these consolidated financial statements.

 51

GCT SEMICONDUCTOR HOLDING, INC.

Notes to Consolidated Financial Statements

1. Organization and LiquidityDescription of BusinessGCT Semiconductor Holding, Inc. (formerly known as Concord Acquisition Corp III) and its wholly owned subsidiaries (collectively “GCT” or the “Company”) is headquartered in San Jose, California, with international offices in South Korea, China, Taiwan, and Japan. The Company is a fabless semiconductor company that specializes in the design, manufacturing, and sale of communication semiconductors, including high-speed wireless communication technologies such as 5G/4.75G/4.5G/4G transceivers and modems, which are essential for a wide variety of industrial, B2B and consumer applications.On March 26, 2024 (the “Closing Date” or “Closing”), Concord Acquisition Corp III (“Concord III”), a Delaware corporation, consummated a series of transactions that resulted in the combination of Gibraltar Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of Concord III (“Merger Sub”), and GCT Semiconductor, Inc. ( “Legacy GCT”), pursuant to a Business Combination Agreement, dated November 2, 2023 (as amended, the “Business Combination Agreement”), by and among Concord III, Merger Sub and Legacy GCT. Pursuant to the terms of the Business Combination Agreement, Merger Sub merged with and into Legacy GCT, with Legacy GCT surviving the merger as a wholly-owned subsidiary of Concord III (the “Business Combination”). On the Closing Date, Concord III changed its name from Concord III to “GCT Semiconductor Holding