SAN JOSE, CA – Peraso Inc. (NASDAQ:), a semiconductor company, announced on Thursday an extension of the expiration date for its Series B warrants. The decision, formalized through an amendment with Equiniti Trust Company, LLC, pushes the deadline from October 7, 2024, to November 8, 2024.
The Series B warrants were initially issued on February 8, 2024, as part of an underwritten public offering, allowing holders to purchase up to 3,974,520 shares of Peraso’s common stock at $2.25 per share. Before this extension, the company had previously extended the expiration from August 8, 2024, to October 7, 2024. This latest amendment marks the second extension of the warrant’s expiration date.
The shares of common stock issuable upon the exercise of the Series B warrants are registered under Peraso’s registration statement on Form S-1, which the SEC previously declared effective.
In other recent news, Peraso Inc. has reported robust Q2 2024 results, with revenues surpassing expectations at a total of $4.2 million, marking over 50% sequential growth and over 70% year-over-year growth. The increase was driven by increased shipments of end-of-life memory IC products and a new volume production order for millimeter-wave antenna modules. Despite reporting net losses on both GAAP and non-GAAP bases, Peraso maintains a significant backlog of non-cancelable purchase orders and a growing pipeline of customer engagements for millimeter-wave solutions.
Simultaneously, Peraso has secured a significant purchase order from a Kenyan wireless Internet service provider for its DUNE platform, marking a key advancement in the deployment of 60GHz technology on the African continent. This development is part of a larger trend as Kenya, with its 22 million internet users, represents a significant market opportunity for Peraso. The wireless technology firm has garnered multiple new purchase orders for its DUNE platform, signaling increasing market traction.
In addition, Peraso has secured a purchase order for its High-Velocity Roaming (HVR) technology aimed at enhancing internet connectivity on moving trains and subways in Korea. The company is also making strides in enhancing internet connectivity in the public transportation systems of China through its High-Velocity Roaming technology.
Benchmark maintained its Speculative Buy rating and $4.00 price target for Peraso, reflecting confidence in Peraso’s business strategy and market position.
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