Form 4: GCT Semiconductor Insider Robert Barker Reports Ownership Changes Following Business Combination
SEC Form 4
Robert Barker, a director of Concord Acquisition Corp III (GCTS), reports changes in beneficial ownership of common stock and stock options following the business combination with GCT Semiconductor, Inc.
Summary
- Robert Barker, a Class II Director of Concord Acquisition Corp III (GCTS), filed a Form 4 detailing changes in his beneficial ownership.
- The changes are a result of the business combination between Concord Acquisition Corp III and GCT Semiconductor, Inc., which was finalized on March 26, 2024.
- Barker's holdings include 13,073 shares of common stock, 3,735 shares of common stock subject to restricted stock units (RSUs), a stock option to buy 933 shares, and a stock option to buy 1,867 shares.
- The RSUs vest in equal annual installments over a four-year period starting December 11, 2023.
- The stock options were converted from options to purchase shares of GCT common stock and retain the same terms and conditions.
- One option vests over 36 months from January 1, 2020, and the other vests over 36 months from January 1, 2021.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing detailing changes in ownership. It doesn't contain information that would significantly sway investor sentiment positively or negatively.
Industry Context
This Form 4 filing is a routine disclosure following a business combination, providing transparency into the holdings of company insiders.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider ownership.
Key Dates
| Date | Description |
|---|---|
| 2019-01-01 | Start date for vesting of 25% of one stock option. |
| 2020-01-01 | Start date for vesting of the balance of one stock option over 36 months and start date for vesting of 25% of another stock option. |
| 2021-01-01 | Start date for vesting of the balance of one stock option over 36 months. |
| 2023-11-02 | Date of the Business Combination Agreement. |
| 2023-12-11 | Start date for vesting of RSUs over a four-year period. |
| 2024-03-26 | Date of the reported transaction (business combination). |
| 2024-03-27 | Date of the Form 4 filing. |
| 2029-01-01 | Expiration date of one stock option. |
| 2030-01-01 | Expiration date of one stock option. |
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