Company: GCTS
Filing Date: 2025-04-23
Form Type: S-3
Source: 0001104659-25-038025
Chunk: 27

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-04-23
Form: S-3
Chunk 27
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 no further rights except to receive the redemption price for such
holder’s Warrant upon surrender of such Warrant.

If
we call our Warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
Warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering our Warrants
for that number of shares of our Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of our Common Stock underlying our Warrants, multiplied by the difference between the exercise price of the Warrants and the “fair
market value” (as defined below) by (y) the fair market value. The “fair market value” for this purpose means volume-weighted
average price of our Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date
of exercise.

<div align='center'>19</div>

The
exercise price and number of shares of our Common Stock issuable on exercise of our Warrants may be adjusted in certain circumstances
including in the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
except as described below, our Warrants will not be adjusted for issuances of shares of our Common Stock at a price below their respective
exercise prices.

In
addition, if (x) we issue additional shares of our Common Stock or equity-linked securities for capital raising purposes in
connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share
of our Common Stock (with such issue price or effective issue price to be determined in good faith by our Board, and in the case of any
such issuance to the Sponsor, initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior
to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and
interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business
combination (net of redemptions), and (z) the “market value” (as defined below) is below $9.20 per share, the exercise
price of our Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (