Provides Update on Strategic Review Process

After the close yesterday, Peraso (PRSO) provided an update on its ongoing review of strategic alternatives. Given that companies typically refrain from commenting on such undertakings until a conclusion is reached, we surmise the primary purpose was to inform shareholders that Mobix (MOBX) has thus far declined to participate in the formal process. Recall that Mobix (MOBX) launched an unsolicited, non-binding offer to acquire Peraso for approximately $1.20 per share in stock in June 2025. According to Peraso, Mobix has declined to enter into a standard confidentiality agreement that other potential counterparties and funding sources have executed as part of the strategic review and has indicated an unwillingness to receive material non-public information. Instead, Mobix has requested direct engagement with the Board and plans to consider all alternatives to present its proposal directly to Peraso’s shareholders. We still think a transaction with Mobix is an unlikely outcome and believe Peraso has other avenues to unlocking greater shareholder value. Our price target remains $2.50 based on 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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