GCT Semiconductor Signs MOU with Samsung to Accelerate the Development of 4G/5G Chipsets and Modules

SAN JOSE, Calif. - GCT Semiconductor Holding Inc. ("GCT") (NYSE: GCTS), a leading designer and supplier of advanced 4G and 5G semiconductor solutions, today announced the signing of a Memorandum of Understanding (MOU) with Samsung Electronics Co., Ltd (Samsung) that aims to accelerate the development of 4G/5G chipsets and modules, as well as drive the adoption by device makers. GCT will work together with Samsung to promote the total Samsung/GCT solution and to strengthen the ecosystem of OEM/ODM device makers in order to support wireless operators worldwide, including the Saudi Arabian oil group Aramco, in the 450 MHz and 4.0 GHz business, mission-critical public safety, and more.

With the growing need to connect everyone and everything, 5G plays a crucial role in delivering higher data speed, higher reliability and massive network capacity. Using GCT's 5G chip, GCT is focused on advancing the 5G ecosystem of OEM and ODM device makers for CPEs, mobile routers, ruggedized industrial phones, IoT devices, and more. Samsung will provide test environments as well as interoperability and device testing (IoDT) support for GCT's chipset certification.

"GCT is pleased to continue collaboration with its long-standing partner Samsung," said John Schlaefer, CEO of GCT. "We look forward to expanding the 4G/5G ecosystem in Saudi Arabia and beyond, and supporting 5G and 4G wireless operators with their rising needs as they address increasing demand for faster data speed and more capacity."

About GCT Semiconductor Holding, Inc.

GCT is a leading fabless designer and supplier of advanced 5G and 4G LTE semiconductor solutions. GCT's market-proven solutions have enabled fast and reliable 4G LTE connectivity to numerous commercial devices such as CPEs, mobile hotspots, routers, M2M applications, smartphones, etc., for the world's top wireless carriers. GCT's system-on-chip solutions integrate radio frequency, baseband modem and digital signal processing functions, therefore offering complete 4G and 5G platform solutions with small form factors, low power consumption, high performance, high reliability, and cost-effectiveness. For more information, visit www.gctsemi.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, statements regarding GCT's collaboration with Samsung and availability of 4G/5G chipsets and modules. Words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: the ability of the Company to develop its 5G products and generate revenue; the ability of the Company to enter into and meet the obligations under partnership and collaboration agreements; the ability of the Company to grow and manage growth profitability and retain its key employees; the Company's financial and business performance, including the Company's financial projections and business metrics; changes in the Company's strategy, future operations, financial position, estimated revenues and losses, forecasts, projected costs, prospects and plans; the Company's inability to anticipate the future market demands and future needs of its customers; the impact of component shortages, suppliers' lack of production capacity, natural disasters or pandemics on the Company's sourcing operations and supply chain; the Company's future capital requirements and sources and uses of cash; the ability of the Company to raise sufficient capital to fund its operations; the ability to implement business plans, forecasts, and other expectations, including the growth of the 5G market; the risk that the Company may not be able to repay its debt; the risk of economic downturns that affects the Company's business operation and financial performance; the risk that the Company may not be able to develop and design its products acceptable to its customers; actual or potential conflicts of interest of the Company's management with its public stockholders; and other risks and uncertainties indicated from time to time in the Company's filings with SEC, including registration statements on Form S-1 and quarterly reports on Form 10-Q and those disclosures under the "Risk Factors" sections therein. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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