Mobix Labs Launches Unsolicited Bid to Acquire Peraso
Earlier this morning, Mobix Labs (MOBX) announced an unsolicited bid to acquire Peraso (PRSO) in an all-stock deal. Under terms of the non-binding proposal, Mobix would acquire each PRSO share at a 20% premium to the 30-day average closing price through June 10, 2025, or approximately $1.17 per share, which equates to an equity value of approximately $6.0 million. According to Mobix, the non-binding proposal was submitted to Peraso’s Board of Directors on June 12, 2025. We note that shares of PRSO were already trading above the offer price in the days leading up to submission of the proposal and remain near the bid price at present.
For background, Mobix entered the public markets via a SPAC merger in December 2023. The company’s products range from solutions for wireless and wired connectivity to electromagnetic interference filtering technologies and active optical cables. While applications for the company’s products span multiple verticals, Mobix has increasingly highlighted its progress in the aerospace and defense industry of late and is in the midst of finalizing the acquisitions of Spacecraft Components and SCP Manufacturing to further bolster its market presence. In this regard, we recognize the appeal of adding Peraso’s mmWave solutions to its portfolio given Peraso’s exposure to growth in fixed wireless access and recent wins for its PERSPECTUS modules for use in battlefield communications. That said, we are not convinced a transaction with Mobix is in the best interest of PRSO stockholders.
We believe there is more upside in shares of PRSO on a standalone basis than in a merger with Mobix with the risks similar in either scenario. On a pro forma basis, the combined company would currently trade at 1.7x sales based on Mobix’s TTM revenue and our forecast for Peraso’s mmWave revenue this year. Existing PRSO shareholders would own 14% of the combined company and potentially much less depending on the terms of Mobix’s pending acquisitions. However, PRSO currently trades at 0.2x sales, leaving far more room for multiple expansion should the company garner additional mmWave wins, secure non-dilutive sources of financing via non-recurring engineering deals or be acquired at a more compelling premium. A merger of the two companies also fails to address ongoing challenges with liquidity and lack of profitability for both and could exacerbate them should any integration issues arise. Finally, it’s worth noting that Peraso recently regained compliance with Nasdaq’s listing requirements, whereas Mobix remains subject to delisting. We note that Mobix’s contention that Peraso must raise its market value to at least $35 million by November 2025 to remain compliant with the listing standards is inaccurate as Peraso could alternatively maintain stockholders’ equity of at least $2.5 million. Our price target for PRSO remains $2.75 based on a FY ’25 EV/Sales multiple of 1x.
Our report with model and disclosures is available here.
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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