Concord Acquisition Corp III WT
CNDB-WT
New York Stock Exchange0.25
USD
-0.02
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Concord Acquisition Corp III WT
CNDB-WT
(New York Stock Exchange)
Recent
price
0.25
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Concord Acquisition Corp III WT (CNDB-WT) represents the publicly traded warrants of Concord Acquisition Corp III, a blank check company formed in 2021 and headquartered at 477 Madison Avenue in New York, NY; these warrants entitle holders to purchase one share of Class A common stock at an exercise price of $11.50 per share. As a special purpose acquisition company sponsored by Concord Sponsor Group III LLC, an affiliate of Atlas Merchant Capital LLC, the entity focused on mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations, primarily targeting established businesses in financial services, financial technology, and related growth sectors with attractive financial profiles. It issued units consisting of one share of Class A common stock and one-half of one redeemable warrant during its initial public offering, alongside private placement warrants and sponsor loans convertible into additional warrants; operations spanned the United States with a focus on North American and select international opportunities through sponsor networks. In November 2023, Concord Acquisition Corp III announced a definitive business combination with GCT Semiconductor Inc., a fabless designer and supplier of LTE, IoT, and 5G semiconductor solutions, valuing GCT at an initial enterprise of $461 million; the transaction closed on March 26, 2024, through a reverse merger, with the combined entity renamed GCT Semiconductor Holding Inc. and commencing trading on the NYSE under the ticker GCTS, providing approximately $50 million in gross proceeds while rolling existing debt and including up to 20.6 million performance-based earnout shares tied to share price hurdles of $12.50, $15.00, and $17.50. The sponsor forfeited certain promote shares and private warrants as part of the deal, supplemented by PIPE financing and convertible notes, marking the completion of the SPAC's core objective and transitioning warrant holders to entitlements potentially exercisable against the post-merger common stock structure.