Concord Acquisition III filed a registration statement highlighting its proposed business combination with GCT Semiconductor. The deal was announced in November at an initial enterprise value of $461 million. Terms call for the SPAC to issue 54,860,842 shares. In support of the deal, PIPE investors have committed to purchase 4,484,854 shares of the combined company's stock at $6.67 per share for an aggregate purchase price of approximately $29.9 million.
The target is a designer and supplier of advanced LTE, IoT and 5G semiconductor solutions. Concord III last week said it had entered into a non-binding letter of intent for a business combination “with a well-established semiconductor supplier.”
Concord III's shareholder vote on the business combination is scheduled for Feb. 27 at 11 a.m. Eastern.
The proposed transaction has a pro forma enterprise value of $661 million, which includes 20 million performance-based earnout shares.
If approved, upon closing GCT is expected to list on the nyse under the ticker symbol GCTS.
Concord III raised $345 million in a November 2021 IPO with plans to acquire and manage a business in the financial services and financial technology sectors, however, redemptions ahead of a favorable extension vote last May removed about 88% of the trust. Read more.