Peraso Announces $4.0 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

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[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / May 31, 2023 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\") today announced that it has entered into a securities purchase agreement with an institutional investor (the \"Investor\") in connection with a registered direct offering, which was priced at-the-market under Nasdaq rules, of an aggregate of 5,714,286 shares of its common stock (or pre-funded warrants in lieu thereof) at an offering price of $0.70 per share (or $0.69 per pre-funded warrant). The pre-funded warrants will be immediately exercisable at a nominal exercise price of $0.01 per share and may be exercised at any time until all of the pre-funded warrants are exercised in full. Additionally, in a concurrent private placement, the Company will issue to the Investor unregistered common stock purchase warrants (the \"Private Placement Warrants\") to purchase up to 5,714,286 shares of common stock. The Private Placement Warrants have an exercise price of $0.70 per share and are exercisable for a period of five years beginning from the date of issuance.Coinciding with the registered direct offering and newly issued Private Placement Warrants, the Company also entered into an agreement to reprice 3,675,000 pre-existing common stock purchase warrants, which are held by the Investor, from the prior exercise price of $1.36 to a new exercise price of $1.00 per share upon the closing of the offering.The Benchmark Company, LLC is acting as the sole placement agent for the offering.The gross proceeds from the registered direct offering and concurrent private placement are expected to be $4.0 million before deducting placement agent fees and other estimated offering expenses. Peraso intends to use the net proceeds from this offering for the Company's operations, including the development of its 5G products, and working capital and general corporate purposes. The registered direct offering and concurrent private placement are expected to close on or about June 2, 2023, subject to the satisfaction of customary closing conditions.The common stock and pre-funded warrants described above (but not the Private Placement Warrants or the shares of common stock underlying the Private Placement Warrants) are being offered pursuant to a \"shelf\" registration statement (File No. 333-258386) that was filed with the U.S. Securities and Exchange Commis...

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