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

Reuters04-05

(Updates)

** Shares of GCT Semiconductor Holding 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))

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