Company: GCTS
Filing Date: 2025-04-23
Form Type: S-3
Source: 0001104659-25-038103
Chunk: 53

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-04-23
Form: S-3
Chunk 53
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 upon exercise of our Warrants and a current prospectus relating to such shares of our Common Stock. Notwithstanding
the foregoing, if a registration statement covering the shares of our Common Stock issuable upon exercise of the Public Warrants is not
effective within a specified period following the consummation of the Business Combination, holders of Public Warrants may, until such
time as there is an effective registration statement and during any period when we have failed to maintain an effective registration statement,
exercise Public Warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided
that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their
Public Warrants on a cashless basis. In the event of such a cashless exercise, each holder would pay the exercise price by surrendering
the Public 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 the Public Warrants, multiplied by the difference between the exercise price of the Public
Warrants and the “fair market value” (as defined below) by (y) the fair market value. The “fair market value”
for this purpose means the average reported last sale price of the shares of our Common Stock for the ten trading days ending on
the third trading day prior to the date of exercise.

We
may call our Warrants for redemption (excluding the Private Placement Warrants and any Warrants underlying the working capital loans made
to us), in whole and not in part, at a price of $0.01 per Warrant, (i) at any time after our Warrants become exercisable, (ii) upon
not less than 30 days’ prior written notice of redemption to each holder of our Warrants after the Warrants become exercisable,
(iii) if, and only if, the reported last sale price of the shares of our Common Stock equals or exceeds $18.00 per share (as adjusted
for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period
commencing after our Warrants become exercisable and ending on the third business day prior to the notice of redemption to holders of
our Warrants, and (iv) if, and only if, there is a current registration statement in effect with respect to the shares of