B. Riley Serves as Exclusive Financial Advisor to GCT Semiconductor, Inc. in ~$667 Million Business Combination with Concord Acquisition Corp III
April 24, 2024
Source: B. Riley Securities, Inc.
LOS ANGELES, April 24, 2024 -- B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank, is pleased to have served as exclusive financial advisor to GCT Semiconductor, Inc. (NYSE: GCTS) (“GCT” or the "Company”) in connection with its ~$667 million business combination with Concord Acquisition Corp III. Upon the closing of the previously announced business combination, the Company began trading on NYSE under the ticker symbol “GCTS.”
The transaction values GCT at an enterprise value of approximately $461 million, with a total pro forma enterprise value of $667 million, which includes 20.6 million performance-based earnout shares. Read more about the transaction here.
Salomon Kamalodine, Managing Director at B. Riley Securities, commented, “Our team is thrilled to be a part of this exciting new chapter for GCT’s growth, and we are looking forward to seeing its continued success as a publicly traded company.”
GCT is a leading fabless designer and supplier of advanced 5G and 4G LTE semiconductor solutions. GCT’s market-proven solutions have enabled fast and reliable 4G LTE connectivity to numerous commercial devices such as CPEs, mobile hotspots, routers, M2M applications, smartphones, etc., for the world’s top wireless carriers. For more information, visit www.gctsemi.com.
B. Riley's team was led by Salomon Kamalodine and Michael Guzman and included Alex Shaffer and Ryan Knight.
About B. Riley Securities
B. Riley has served as a preeminent fixture in middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, debt financings, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. Please see disclosures about B. Riley Securities Research here. The firm is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.
The transaction values GCT at an enterprise value of approximately $461 million, with a total pro forma enterprise value of $667 million, which includes 20.6 million performance-based earnout shares. Read more about the transaction here.
Salomon Kamalodine, Managing Director at B. Riley Securities, commented, “Our team is thrilled to be a part of this exciting new chapter for GCT’s growth, and we are looking forward to seeing its continued success as a publicly traded company.”
GCT is a leading fabless designer and supplier of advanced 5G and 4G LTE semiconductor solutions. GCT’s market-proven solutions have enabled fast and reliable 4G LTE connectivity to numerous commercial devices such as CPEs, mobile hotspots, routers, M2M applications, smartphones, etc., for the world’s top wireless carriers. For more information, visit www.gctsemi.com.
B. Riley's team was led by Salomon Kamalodine and Michael Guzman and included Alex Shaffer and Ryan Knight.
About B. Riley Securities
B. Riley has served as a preeminent fixture in middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, debt financings, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. Please see disclosures about B. Riley Securities Research here. The firm is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.