Mobix Labs Announces All-Cash Offer for Peraso

Yesterday morning, Mobix Labs (MOBX) pressed forward in its quest to acquire Peraso (PRSO), proposing to acquire the company for $1.30 per share in an all-cash transaction. The revised terms reflect an improvement from Mobix’s initial offer to acquire Peraso for $1.20 per share in cash and stock. Based on Peraso’s outstanding share count as of October 3, 2025, and including the impact of in-the-money warrants and other common stock issuable at the new offer price, we estimate that the revised proposal equates an equity value of $12.3 million and an enterprise value of $8.3 million. Although Mobix received $4.5 million in gross proceeds from the exercise of warrants last month, we believe the company would need to raise additional capital to consummate the deal. Regardless, we think the revised offer continues to undervalue Peraso. Our price target remains $2.50, representing a FY ’26 EV/Sales multiple of 1x.

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Disclosure(s):

K. Liu & Company LLC (“the firm”) receives or intends to seek compensation from the companies covered in its research reports. The firm has received compensation from Peraso Inc. (PRSO) in the past 12 months for “Sponsored Research.”

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