Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 294

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 294
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 common stock at the end of each fiscal quarter between April 1, 2024 and March 31, 2025. The RSUs will vest on March 31, 2025, subject to the grantees’ continuous service to the Company and will be settled in common stock on various dates in 2026 and 2027. The 2024 RSUs are initially classified as a liability and reclassified to equity up to the monetary amount for which the number of shares to be issued becomes determinable. Through December 31, 2024, this determination was made for 151,728 shares based on the closing price of the Company’s common stock as of each fiscal quarter-end after the grant date. In August 2024, the Company granted various employees 140,000 RSUs that vest in four equal annual installments subject to continuous service.In December 2024, the Company granted various employees 629,500 RSUs, of which 329,500 RSUs vest in four equal installments subject to continuous service, and 300,000 RSUs vest quarterly between April 2025 and ending February 2026.

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GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

RSUs outstanding under the 2024 Plan were as follows (in thousands, except per share amounts): 

        Number of RSUsOutstanding

        WeightedAverage GrantDate Fair Value

        Balance as of December 31, 2023

        2,100

        $
        1.15

        Reverse recapitalization

        (1,708
        )

        5.01

        Balances as of December 31, 2023(1)

        392

        $
        6.16

        Granted

        921

        2.77

        Vested

        (98
        )

        6.16

        Cancelled

        (1
        )

        6.16

        Balance as of December 31, 2024

        1,214

        $
        3.59

       (1)Amounts as of December 31, 2023 differ from those in prior year consolidated financial statements as they were retrospectively adjusted as a result of the accounting for the Business Combination (see Note 3).During the years ended December 31, 2024 and 2023, the Company recognized $1.8 million and