By Zaeem Shoaib

GCT Semiconductor Holding shares gained after the company signed a memorandum of understanding with Saudi Aramco for a collaboration to further develop the 4G/5G ecosystem in Saudi Arabia for both mission-critical and public safety networks.

Shares were up 53% to $8.69 in recent trading on Friday. The stock has seen a decline of about 14% in the past 12 months.

GCT said the collaboration aims to design and co-develop chipsets and modules tailored for LTE, 5G and the NTN spectrum to support localization of wireless end-user devices and IoT manufacturing in the region.

Write to Zaeem Shoaib at

(END) Dow Jones Newswires

04-05-24 1206ET