GCT Semiconductor up in volatile trade on deal to develop 4G, 5G systems in Saudi Arabia

GCT Semiconductor Holding

05/04/2024 15:07

(Updates)
    ** Shares of GCT Semiconductor Holding  GCTS.N  up 42% at
$8.28 
    ** Co signs agreement with Aramco to accelerate the
development of 4G and 5G ecosystem in Saudi Arabia
    ** GCT is a 'fabless' firm - that designs but outsources
manufacturing - of advanced 5G and 4G LTE semiconductor
solutions
    ** GCTS was the most traded stock on the NYSE with 17.26 mln
shares changing hands by 9:58 a.m. ET, which is 1.4 times its
outstanding shares
    ** Stock down 86% since March 27, its first day of trading
on NYSE when it soared 6-fold after completing SPAC deal

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))