Peraso announced that it has entered into a committed equity facility with Roth Principal Investments, an affiliate of CR Financial Holdings, the holding company for Roth Capital Partners. The facility allows Peraso to issue and sell up to $25 million of common stock to Roth Principal Investments.
Peraso said the facility is intended to provide additional financial and working capital flexibility. The company expects any net proceeds to be used for working capital and general corporate purposes, including continued product development and expansion in drone, defense, and tactical communications markets.
The committed equity facility gives Peraso the option, but not the obligation, to sell shares at its discretion. Access to the facility is subject to conditions in the agreement, including the filing and effectiveness of a registration statement covering the resale of the shares.
Peraso said it may access capital opportunistically over time and is not required to use the full amount available under the facility. The company also noted that it may not be able to sell the full $25 million of shares due to limitations, including the number of shares registered for resale and applicable Nasdaq rules.
Peraso is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology. The company offers chipsets, modules, software, and intellectual property.
The company’s technology supports applications including fixed wireless access, drone communications, defense and tactical communications, immersive video, and factory automation. The facility is expected to help Peraso continue building products for markets where high-performance wireless connectivity is increasingly important.
KEY QUOTE:
“We are pleased to have entered into this committed equity facility, which is intended to provide additional financial and working capital flexibility, including to support our continued product development for drone, defense and tactical communications.”
Ron Glibbery, CEO of Peraso
