Peraso announces 1-for-40 reverse stock split

Peraso 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 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.