Company: GCTS
Filing Date: 2025-07-25
Form Type: PRE 14A
Source: 0000950170-25-098780
Chunk: 52

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-07-25
Form: PRE 14A
Chunk 52
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The Audit Committee has reviewed GCT’s audited consolidated financial statements for the fiscal year ended December 31, 2024, and discussed these financial statements with GCT’s management and with BPM LLP, GCT’s independent registered public accounting firm.

GCT’s management is responsible for the preparation of GCT’s financial statements and for maintaining an adequate system of disclosure controls and procedures and internal control for that purpose. GCT’s independent registered public accounting firm is responsible for conducting an independent audit of GCT’s annual financial statements in accordance with generally accepted accounting principles and issuing a report on the results of their audit. The Audit Committee is responsible for providing independent, objective oversight of these processes.

The Audit Committee has also discussed with BPM LLP the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board Auditing Standard No. 1301 (previously Auditing Standard No. 16) (Communications with Audit Committees), as adopted by the Public Company Accounting Oversight Board (“PCAOB”) and the SEC.

The Audit Committee has received and reviewed the written disclosures and the letter from BPM LLP required by applicable requirements of the PCAOB regarding the independent accountant’s communications with the Audit Committee concerning independence and has discussed with BPM LLP its independence.

Based on the review and discussions referred to above, the Audit Committee recommended to the Board that GCT’s audited consolidated financial statements be included in GCT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for filing with the SEC.

By the Audit Committee

Robert Barker (Chair)

Hyunsoo Shin

Dr. Kukjin Chun

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Proposal 3 - Approval toComply with NYSE Rules for ELOC</div>

Background and Overview

We have historically financed our operations through a combination of customer revenues, debt instruments, equity issuances, and other capital-raising activities. As part of our ongoing efforts to improve liquidity and meet operational funding needs, we have engaged in strategic financing transactions that include offerings of equity and equity-linked securities.

In addition, in April 2024, we entered into an equity line of credit facility (“ELOC”) under a common stock purchase agreement and related registration rights agreement with B. Riley Principal Capital II, LLC (“B. Riley”), pursuant to which we have the right, but not the obligation, to sell up to $50.0 million of common stock to B. Riley over a 24-month period, subject to certain conditions.

The E