Company: GCTS
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0000929638-25-001279
Chunk: 124

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-26
Form: 424B3
Chunk 124
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 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 the members of the board of directors of GCT; • Legacy GCT’s operations prior to the Business Combination comprised the only ongoing operations of GCT; • Legacy GCT’s senior management comprised the senior management of GCT; • GCT substantially assumed the Legacy GCT name; • Legacy GCT’s headquarters became GCT’s headquarters; and • Concord III did not meet the definition of a business. PIPE Financing Concurrent with the execution of the Business Combination Agreement, certain investors entered into agreements and committed to purchase in a private placement an aggregate of 4,529,967 shares of the Company’s common stock (the “PIPE Shares”) at a purchase price of $6.67 per share for an aggregate purchase price of $30.2 million (the “PIPE Financing