PRSO - Peraso stock slides 13% premarket on $4M registered direct offering

2023-06-01 08:55:41 ET

• Peraso ( NASDAQ: PRSO ) stock slid 13% premarket on Thursday after the firm announced a $4M registered direct offering of over 5.7M shares priced at-the-market, or pre-funded warrants in lieu thereof, at $0.70/share, or $0.69/pre-funded warrant.
• In a concurrent private placement, Peraso ( PRSO ) will issue to the institutional investor unregistered stock purchase warrants to buy up to 5.7M shares.
• These warrants have an exercise price of $0.70/share and are exercisable for a period of five years starting from the date of issue.
• Peraso ( PRSO ) will reprice ~3.7M pre-existing stock purchase warrants held by the investor to a new exercise price of $1/share (prior $1.36).
• Net proceeds from the offering will be used for operations, including the development of 5G products, and working capital.
• The registered direct offering and concurrent private placement are expected to close on or about June 2.
• Earlier, Peraso ( PRSO ) reported Q1 results.

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