4/A: GCT Semiconductor Executive Amends Filing to Correct Stock and Option Details After Business Combination
Ownership Disclosure Amendment
Jeemee Kim, VP of Engineering & CTO of GCT Semiconductor Holding, Inc., files an amendment to a previous Form 4 to correct the amount of common stock converted and the expiration dates of stock options following the business combination with Con-cord Acquisition Corp III.
Summary
- Jeemee Kim, VP of Engineering & CTO of GCT Semiconductor Holding, Inc., filed an amended Form 4 with the SEC.
- The amendment corrects the amount of GCT common stock that was automatically converted for the right to receive common stock of the Issuer.
- The amendment also corrects the reported expiration date of stock options following transactions previously reported on March 26, 2024.
- The original transactions relate to the business combination agreement between Con-cord Acquisition Corp III and GCT Semiconductor, Inc.
- As part of the business combination, GCT common stock was converted to Issuer common stock, and restricted stock units (RSUs) were converted to RSUs of the Issuer.
- Outstanding options to purchase GCT common stock were assumed and converted into options to purchase shares of common stock of the Issuer.
- Kim directly owns 227,701 shares of common stock and holds options for 82,359 shares.
- The RSUs vest in equal annual installments over a four-year period measured from December 11, 2023.
- The options vest over time based on service from January 1, 2019, January 1, 2020 and January 1, 2021.
Sentiment
Score: 7
Explanation: The document is a routine correction of a regulatory filing. It doesn't contain information that would drastically alter investor sentiment, but the correction of errors is generally viewed positively.
Industry Context
Form 4 filings are standard practice for company insiders to report changes in their ownership of company securities, providing transparency to investors.
Stakeholder Impact
- The correction of the filing ensures accurate information is available to shareholders and potential investors.
Key Dates
| Date | Description |
|---|---|
| 2019-01-01 | Start date for vesting of some stock options. |
| 2020-01-01 | Start date for vesting of some stock options. |
| 2021-01-01 | Start date for vesting of some stock options. |
| 2022-01-01 | Start date for vesting of some stock options. |
| 2023-11-02 | Date of the Business Combination Agreement. |
| 2023-12-11 | Start date for vesting of RSUs. |
| 2024-03-26 | Date of the earliest transaction and original filing. |
| 2024-03-26 | Date of the transactions being reported. |
| 2025-04-07 | Date of the amended filing. |
| 2029-04-19 | Expiration date of some stock options. |
| 2030-06-08 | Expiration date of some stock options. |
| 2031-11-04 | Expiration date of some stock options. |
Keywords
Form 4, GCT Semiconductor, Business Combination, Stock Options, Restricted Stock Units, Beneficial Ownership, Amendment, SEC Filing
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