Peraso (PRSO) Surges 68.70% on Revised Acquisition Bid, Delisting Risks

Peraso (PRSO) surged 68.70% intraday on September 5, 2025, reaching its highest level since September 2025, driven by renewed investor speculation amid a revised acquisition proposal and ongoing delisting concerns. The rally followed a 98.78% intraday gain, reflecting heightened market activity as stakeholders weigh the company’s strategic options.

The stock’s volatility underscores a complex backdrop of challenges and opportunities. Peraso faces imminent Nasdaq delisting risk after failing to maintain a $1.00 bid price for 30 consecutive days, granting it until March 4, 2026, to resolve compliance. This deadline has intensified scrutiny over its financial stability, including a 44% sequential revenue drop in Q2 2025 to $2.2 million, though the firm projected a rebound in Q3 2025. Analysts highlight the uncertainty surrounding its ability to sustain revenue growth and meet listing requirements.

A key catalyst for the recent rally emerged from Mobix Labs’ enhanced acquisition offer, combining cash and stock to provide liquidity and potential upside for Peraso shareholders. Mobix’s revised terms, announced on September 5, aim to address shareholder concerns amid Peraso’s stagnant stock price. However, the deal remains stalled due to Peraso’s refusal to engage in non-confidential discussions or sign a confidentiality agreement, raising questions about internal governance and strategic prioritization. Mobix has indicated willingness to bypass the board and approach shareholders directly if no resolution is reached by September 8.

Analysts at Benchmark have maintained a “Speculative Buy” rating, citing Peraso’s progress in mmWave technology and customer engagement despite near-term risks. A $3.00 price target reflects optimism about the company’s long-term potential in 60 GHz applications, though this contrasts with immediate challenges including delisting pressures and unresolved merger negotiations. The stock’s trajectory hinges on resolving these issues, with a successful acquisition potentially stabilizing its valuation or further declines if compliance measures fail.

Peraso’s niche focus on mmWave solutions for FWA, military, and consumer markets positions it at the intersection of high-growth and high-risk sectors. While its technical capabilities attract speculative interest, operational volatility and governance disputes amplify uncertainty. Investors are now balancing the probability of a reverse stock split or merger against broader market dynamics in semiconductor innovation. The company’s ability to navigate these crosscurrents will determine its path forward in a competitive and rapidly evolving industry.