MoSys Shares Shoot Up On Peraso Technologies Deal

Semiconductor solutions provider MoSys Inc MOSY and 5G mmWave silicon devices developer Peraso Technologies Inc have agreed to merge.
Peraso stockholders will own a 61% equity interest in the combined company, with the remaining 39% equity interest to be retained by the stockholders of MoSys.
MoSys will change its name to Peraso Inc, and the shares will continue to trade on the Nasdaq under the new ticker symbol PRSO. The board of both the companies has approved the arrangement.
Peraso stockholders will receive 14.2 million shares of MoSys valued at $75.8 million based on the September 14 closing price of $5.34 or exchangeable shares on closing.
Peraso's CEO, Ronald Glibbery, will lead the combined company, with Lewis continuing to serve as President. The board will initially comprise five members, including three appointed by Peraso and two by MoSys.
The business combination is likely to close in Q4 of 2021. Together, the company can target high-growth opportunities in 5G and telecom and data networks, MoSys CEO Dan Lewis said.
Peraso's mmWave technology, combined with MoSys' accelerator engine ICs and virtual accelerator engine IP, directly addresses the 5G bottlenecks and the significant spectrum needs of future 5G networks.
Price Action: MOSY shares traded higher by 4.31% at $5.57 in the market session on the last check Wednesday.