GCT Semiconductor Shares Jump After 4G/5G Collaboration With Saudi Aramco

Dow Jones04-05

By Zaeem Shoaib

GCT Semiconductor Holding shares gained after the company signed a memorandum of understanding with Saudi Aramco for a collaboration to further develop the 4G/5G ecosystem in Saudi Arabia for both mission-critical and public safety networks.

Shares were up 53% to $8.69 in recent trading on Friday. The stock has seen a decline of about 14% in the past 12 months.

GCT said the collaboration aims to design and co-develop chipsets and modules tailored for LTE, 5G and the NTN spectrum to support localization of wireless end-user devices and IoT manufacturing in the region.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

(END) Dow Jones Newswires

April 05, 2024 11:51 ET (15:51 GMT)

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