GCT Semiconductor to go public via a SPAC merger with Concord Acquisition III in a $661m deal.

GCT Semiconductor, a fabless designer and supplier of advanced LTE, IoT and 5G semiconductor solutions, agreed to go public via a SPAC merger with Concord Acquisition III), a special purpose acquisition company, in a $661m deal. “We are thrilled to partner with Concord who has a deep understanding of our technology, customer base, and the timing and potential of the 4G and 5G markets. We believe that this transaction will strengthen GCT’s business operations and provide the funding needed to fuel our 5G product development and commercialization as the global markets transition from 4G to 5G. We are very excited for the future and look forward to continuing as a key supplier for the 5G ecosystem as customer volume and use cases increase and expand,” John Schlaefer, GCT President and CEO.