Form 4: Concord Acquisition Corp III: Officer Yoon David Reports Changes in Beneficial Ownership Following Business Combination
SEC Form 4
Vice President of Finance, David Yoon, reports acquisition of common stock and stock options in Concord Acquisition Corp III (GCTS) following the business combination with GCT Semiconductor, Inc.
Summary
- David Yoon, Vice President of Finance at Concord Acquisition Corp III (GCTS), filed a Form 4 detailing changes in beneficial ownership.
- The filing is triggered by the business combination between Concord Acquisition Corp III and GCT Semiconductor, Inc., effective March 26, 2024.
- Yoon acquired 30,093 shares of common stock and 8,204 restricted stock units (RSUs) of Concord Acquisition Corp III.
- Yoon also acquired stock options to purchase a total of 68,724 shares of common stock at an exercise price of $0.11 per share, with various vesting schedules.
- These acquisitions are a result of the conversion of GCT Semiconductor, Inc. securities into Concord Acquisition Corp III securities as per the business combination agreement.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing is a routine disclosure of insider transactions following a business combination. The acquisition of shares and options by an officer could be seen as a positive sign, but it's not a strong indicator of future performance.
Positives
- The acquisition of shares and options by a company officer can be seen as a sign of confidence in the company's future.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track ownership changes and potential alignment of interests.
Comparison to Industry Standards
- Form 4 filings are a regulatory requirement for publicly traded companies in the US, ensuring transparency in insider trading activities.
- The vesting schedules of the stock options are typical, with a combination of cliff vesting (25% after one year) and subsequent monthly vesting.
Stakeholder Impact
- Shareholders can use this information to understand the alignment of interests between management and shareholders.
- Employees who hold GCT stock options or RSUs will see their holdings converted into Concord Acquisition Corp III securities.
Key Dates
| Date | Description |
|---|---|
| November 2, 2023 | Date of the Business Combination Agreement between Concord Acquisition Corp III, Gibraltar Merger Sub Inc., and GCT Semiconductor, Inc. |
| December 11, 2023 | Start date for the vesting schedule of the restricted stock units (RSUs). |
| January 1, 2015 | Start date for the vesting schedule of 6,536 stock options. |
| January 1, 2016 | Start date for the monthly vesting installments of 6,536 stock options. |
| January 1, 2018 | Start date for the vesting schedule of 9,431 stock options. |
| January 1, 2019 | Start date for the monthly vesting installments of 9,431 stock options and start date for the vesting schedule of 13,540 stock options. |
| January 1, 2020 | Start date for the monthly vesting installments of 13,540 stock options and start date for the vesting schedule of 20,543 stock options. |
| January 1, 2021 | Start date for the monthly vesting installments of 20,543 stock options and start date for the vesting schedule of 18,676 stock options. |
| January 1, 2022 | Start date for the monthly vesting installments of 18,676 stock options. |
| March 26, 2024 | Date of the reported transaction and the effective time of the business combination. |
| March 27, 2024 | Date of the filing. |
| January 1, 2025 | Expiration date of 6,536 stock options. |
| January 1, 2028 | Expiration date of 9,431 stock options. |
| January 1, 2029 | Expiration date of 13,540 stock options. |
| January 1, 2030 | Expiration date of 20,543 stock options. |
| January 1, 2031 | Expiration date of 18,676 stock options. |
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