Peraso Inc. (NASDAQ:PRSO) (“Peraso” or the “Company”), a leader in mmWave technology, today announced that it will effect a 1-for-40 reverse stock split of its outstanding common stock. The reverse stock split will become effective at 4:01pm ET on January 2, 2024. The common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market (“Nasdaq”) under the same symbol “PRSO” when the market opens on January 3, 2024, with the new CUSIP number 71360T200.
The reverse stock split was approved by the Company’s stockholders at the Company’s 2023 Annual Meeting, held on December 15, 2023. The reverse stock split is intended to increase the per share trading price of the Company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on Nasdaq. The reverse stock split will reduce the number of outstanding shares of the Company’s common stock and exchangeable shares from approximately 30.7 million shares pre-reverse split to approximately 767,000 shares post-reverse split. The exchangeable shares can be converted to common stock at any time by their respective holders.
The number of authorized shares of common stock and the par value per share will remain unchanged. As a result of the reverse stock split, every 40 shares of the Company’s pre-reverse split common stock or exchangeable shares will be combined and reclassified into one share of common stock or exchangeable share, as applicable. Proportionate voting rights and other rights of such holders will not be affected by the reverse stock split. Holders of fractional shares will be entitled to receive the number of shares rounded up to the next whole number.
All equity awards outstanding and common stock reserved for issuance under the Company’s equity incentive plans and warrants outstanding immediately prior to the reverse stock split will be appropriately adjusted by dividing the number of affected shares of common stock by 40 and, as applicable, multiplying the exercise price by 40, as a result of the reverse stock split.
The Company’s transfer agent, Equiniti Trust Company, is acting as exchange agent for the reverse stock split and will send instructions to stockholders of record regarding the exchange of certificates for common stock for uncertificated shares of common stock. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to the brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split.
Additional information about the reverse stock split can be found in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission (SEC) on November 20, 2023, as supplemented on November 22, 2023 and December 12, 2023. The Proxy Statement is available at www.sec.gov or at the Company’s website at www.perasoinc.com. Additional information regarding this reverse stock split can be found in the Company’s Form 8-K to be filed with the SEC on or about December 19, 2023.
