Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): September 26, 2023

 

PERASO INC.

(Exact name of registrant as specified in its charter)

 

Delaware		000-32929		77-0291941
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

 

2309 Bering Dr.

San Jose, California 95131

(Address of principal executive offices, including zip code)

 

[phone]

(Registrant’s telephone number, including area code)

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		PRSO		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 8.01. Other Events

 

On September 26, 2023, Peraso Inc. (the “Company”) issued a press release announcing that it had secured purchase orders from multiple customers totaling $11.3 million. These non-cancelable orders represent last-time buys received to-date associated with the previously announced end-of-life (“EOL”) program for the Company’s memory integrated circuit products. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this item 8.01.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release of the registrant issued September 26, 2023
104		Cover Page Interactive Data File-the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

	PERASO INC.
Dated: September 26, 2023	By:	/s/ James Sullivan
	James Sullivan
	Chief Financial Officer

 

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Exhibit 99.1

 

 

Peraso Receives Initial EOL Purchase Orders Totaling $11.3 Million

  

SAN JOSE, CA – Sept. 26, 2023 – Peraso Inc. (NASDAQ: PRSO) (“Peraso” or the “Company”), a leader in mmWave technology for 60GHz license-free and 5G licensed networks, today announced the Company has received purchase orders from multiple customers totaling $11.3 million. These non-cancelable orders represent last-time buys received to-date associated with the previously announced end-of-life (“EOL”) program for the Company’s memory integrated circuit products (“memory IC products”). Peraso has commenced fulfillment of these orders and expects shipments to extend through 2024.

 

“These EOL purchase orders provide us with increased visibility into our anticipated revenue and cash flow over the next several quarters,” stated Ron Glibbery, CEO of Peraso. “Based on these initial orders, as well as customer forecasts, we continue to believe that total last-time buys will range from $15 to $20 million. Further, the higher margins associated with our memory IC products are expected to contribute to near-term improvement in our consolidated financial results. We expect the EOL program to generate significant cash flow beginning this year and continuing into 2025, as we focus on expanding the customer base for our market leading mmWave technology.”

 

About Peraso Inc.

 

Peraso Inc. (NASDAQ: PRSO) is a pioneer in high-performance 60 GHz license free and 5G mmWave wireless technology, offering chipsets, modules, software, and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video, and factory automation. In addition, Peraso’s solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. For additional information, please visit www.perasoinc.com.

 

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created by those sections. All statements in this release that are not based on historical fact are "forward-looking statements." These statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "strategy," "goal," or "planned," "seeks," "may," "might", "will," "expects," "intends," "believes," "should," and similar expressions, or the negative versions thereof, and which also may be identified by their context. All statements that address amounts of customer orders and fulfillment timing, as well as availability, operating performance, cost benefits, and advantages of the products of Peraso and anticipated use of mmWave by service providers, that are not otherwise historical facts, are forward-looking statements.

 

Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include but are not limited to, timing, receipt and fulfillment of customer orders associated with our memory EOL program, our ability to fund inventory in support of the EOL orders, anticipated use of mmWave by service providers, the availability and performance of Peraso's products, the successful integration of Peraso's products and technology with third-party semiconductor and antenna solutions, reliance on manufacturing partners to assist successfully with the fabrication of our ICs and antenna modules, availability of quantities of ICs supplied by our manufacturing partners at a competitive cost, level of intellectual property protection provided by our patents, vigor and growth of markets served by our customers and our operations, and other risks. Peraso undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

 

Peraso and the Peraso logo are registered trademarks of Peraso Inc. in the U.S. and/or other countries.

 

Company Contact:

Jim Sullivan, CFO

Peraso Inc.

P: 408-418-7500

E: [e-mail]

 

Investor Relations Contacts:

Shelton Group

Brett L. Perry | Leanne K. Sievers

[e-mail]

 

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Cover	Sep. 26, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 26, 2023
Entity File Number	000-32929
Entity Registrant Name	PERASO INC.
Entity Central Index Key	0000890394
Entity Tax Identification Number	77-0291941
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2309 Bering Dr.
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	(408)
Local Phone Number	418-7500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PRSO
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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