Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 189

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 189
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 this agreement was $4.0 million as of December 31, 2024.

 68

GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

Assets Pledged as CollateralThe Company has provided collateral to Anapass, Inc., a related party (see Note 14), for borrowings from KEB Hana Bank, IBK Industrial Bank and Anapass, Inc. in the amount of $6.1 million, $6.3 million and $12.2 million, respectively, as of December 31, 2024, and $7.0 million, $7.1 million and $10.1 million, respectively, as of December 31, 2023 (see Note 7).The following table includes a summary of the carrying amounts related to collateral provided to Anapass, Inc. (in thousands): 

        December 31,

        December 31,

        2024

        2023

        Cash and cash equivalents
         
        $
        654

        $
        254

        Accounts receivable

        5,927

        4,920

        Inventory

        2,977

        1,486

        Property and equipment

        446

        352

        Intangible and other assets

        165

        199

9. Common StockB. Riley Purchase AgreementPursuant to the Purchase Agreement, the Company has the right, but not the obligation, to sell to B. Riley, from time to time, up to $50.0 million worth of shares of its common stock (“Commitment Amount”), subject to certain limitations and conditions at the Company’s sole discretion. The price per share payable by B. Riley on each trading day represents an amount equal to 98% of the VWAP of the Company’s common stock for the applicable pricing period. The Purchase Agreement requires settlement in registered shares. In May 2024, the Company filed a registration statement on Form S-1 with the SEC to register the resale of shares issued to B. Riley, which became effective on June 6, 2024 (“Registration Statement”). The Company may sell shares of its common stock to B. Riley through June 2026 up to the Commitment Amount so long that it remains in compliance with the terms of the Purchase Agreement. The Purchase Agreement was determined to be an equity-linked contract that contains a purchased put option on the Company’s common stock