GCT Semiconductor Holding, Inc.'s stock (GCTS) saw a dramatic rise of over 80 percent in pre-market trading on Friday. The significant surge came as a response to the news that the leading 5G and 4G LTE semiconductor solutions provider had entered a Memorandum of Understanding (MOU) with Aramco, the Saudi Arabian Oil Group.
The primary goal of this collaboration is to jointly design and develop chipsets and modules specifically customized for LTE, 5G and the NTN spectrum. This is geared towards promoting the localization of wireless end-user devices and IoT manufacturing across Saudi Arabia – as stated in the company's press release.
On Thursday, GCT shares closed at $5.73, marking a drop of 16.47 percent. Over the past 52 weeks, the stock has traded between $5.00 and $56.00.
