GCT Semiconductor (GCTS) on Thursday said it agreed to sell $11 million worth of shares and warrants via a registered direct offering.
The company is selling over 7 million shares and up to more than 10.5 million warrants at a combined price of $1.57 per share and accompanying warrant.
The warrants can be exercised at $1.71 apiece, GCT said, adding that the offering is slated to close Friday.
Proceeds will be used for working capital and other general corporate purposes, the semiconductor company said.
Shares were down 0.5% in recent trading.
Price: 2.19, Change: -0.01, Percent Change: -0.45
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