GCT Semiconductor (NYSE:GCTS) stock is falling on Thursday after the fabless semiconductor company’s shares made their public debut on Wednesday.
GCT Semiconductor stock went public via a special purpose acquisition company (SPAC) merger with Concord Acquisition Corp III. That resulted in shares of GCTS taking over the CNDB stock ticker once the combination closed. The company’s warrants also trade publicly under the GCTSW ticker.
GCT Semiconductor CEO John Schlaefer said this about the public debut:
“The public listing catalyzes our product development and commercialization and the gross proceeds raised through the transaction will position us to benefit from the global market transition from 4G to 5G. I couldn’t be more excited for what’s to come for GCT.”
The public debut of GCTS stock came with an extreme amount of trading yesterday. That saw more than 4 million shares change hands during normal trading hours. It also resulted in GCT Semiconductor’s shares rocketing almost 569% higher yesterday.
GCTS Stock Movement on Thursday
Considering the massive rally shares of GCTS stock saw yesterday, it makes sense we’d see some pullback the following day. This has shares of GCTS down 25% during pre-market trading on Thursday.
Today’s fall doesn’t come with nearly as much trading as yesterday’s rally. Only about 60,000 shares of GCTS stock have changed hands as of this writing.
Investors will find more of the biggest stock market stories ready to go below!
We are offering all of the biggest stock market news worth reading about on Thursday! That includes everything happening with Urban-gro (NASDAQ:UGRO) stock, Plug Power (NASDAQ:PLUG) stock and Binah Capital (NASDAQ:BCG) today. You can catch up on this news at the following links!
More Stock Market News for Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
