GCT Semiconductor Rallies In Pre-market On Deal With Saudi Aramco

(RTTNews) - Shares of GCT Semiconductor Holding, Inc. (GCTS) were surging more than 80 percent in pre-market on Friday after the provider of 5G and 4G LTE semiconductor solutions signed a Memorandum of Understanding (MOU) with Saudi Arabian Oil Group Aramco.

The partnership aims to design and co-develop chipsets and modules tailored for LTE, 5G and the NTN spectrum in order to support the localization of wireless end-user devices and IoT manufacturing throughout Saudi Arabia, the company said in a statement.

GCT shares had closed at $5.73, down 16.47 percent on Thursday. The stock has been trading in the range of $5.00 - $56.00 in the last 52 weeks.