Mobix Labs Provides Update on Potential Acquisition of Peraso

Yesterday morning, Mobix Labs (MOBX) provided an update on its discussions with Peraso (PRSO) regarding a potential strategic transaction. Recall that Mobix’s last proposal contemplated an acquisition of Peraso for $1.30 per share in an all-cash transaction. Mobix has now delivered a non-binding indication of interest to acquire Peraso at premium to PRSO’s trading price in an all-stock transaction. The two companies have both stated that while discussions are ongoing, “no agreement has been reached regarding transaction structure, consideration, timing or other material terms.” Given the lack of details necessary to thoroughly assess the attractiveness of the revised offer, we maintain our prior view that a combination with Mobix is unlikely to maximize value for Peraso’s shareholders. While we believe an all-stock transaction with a well-capitalized strategic acquirer would make sense, the execution risk inherent in a merger with Mobix combined with the current state of MOBX shares suggests this latest proposal is less compelling than Mobix’s prior all-cash offer. Our price target remains $2.50 based on a FY ’26 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.”

Sponsored Research produced by the firm is paid for by the subject company in the form of an initial retainer and a recurring monthly fee. The analysis and recommendations in our Sponsored Research reports are derived from the same process and methodologies utilized in all of our research reports whether sponsored or not. The subject company does not review any aspect of our Sponsored Research reports prior to publication.