San Jose-based semiconductor company Peraso Inc. (NASDAQ:PRSO) announced today an update to its at-the-market (ATM) offering agreement. The company filed a prospectus supplement to increase the number of shares available for sale under its current sales agreement with Ladenburg Thalmann & Co. Inc.
Peraso's move to increase the share offering comes after the establishment of its ATM offering program, which was made possible through a registration statement filed on July 12, 2024, and subsequently declared effective on July 22, 2024. The shares will be offered following the terms outlined in the registration statement and the base prospectus dated July 22, 2024, alongside the prospectus supplement from August 30, 2024, and the current prospectus supplement.
Peraso, known previously as MoSys , Inc., specializes in semiconductor and related devices, operating under the SIC code 3674, with its headquarters located at 2309 Bering Drive, San Jose, California.
In other recent news, semiconductor company Peraso Inc. has reportedly regained compliance with Nasdaq's equity requirements, following a financial maneuver that raised its stockholders' equity above the $2.5 million threshold.
This development was achieved through the exercise of existing warrants and the issuance of new ones, resulting in net proceeds of approximately $2.6 million. Nasdaq will continue to monitor Peraso's compliance with the equity requirement.
Peraso's recent financial reports indicate a drop in total net revenue to $3.8 million for Q3 2024, compared to $4.5 million the previous year. Despite this, the company managed to reduce operating expenses by nearly 20% and narrow its net loss. Looking forward, Peraso anticipates a revenue inflection point starting in Q1 2025 and expects double-digit growth in the second half of 2024.
The company's millimeter-wave solutions are gaining traction, with 82 customer engagements and nine design wins. These include a significant $1.4 million follow-on order from a South African WISP and initial military orders. Peraso's Q4 2024 revenue is projected to be between $3.6 million and $4 million, with plans to fulfill its backlog of memory IC orders by the end of Q1 2025.
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