Peraso Agrees to About $10 Million in Financing From Nant Through Shares and Warrants
Key Facts
Peraso said on October 26, 2026, that it had reached a definitive agreement with NantCapital for a strategic investment expected to generate about $10 million in gross proceeds before offering expenses. The company said the funds would support working capital and general purposes and could include development of communications solutions for drones. The financing is based on a mix of shares and warrants, linking the actual amount of funding to the issuance of shares and the potential exercise of warrants. The transaction is expected to close on or around October 28, subject to customary closing conditions. The deal represents new financing for a company working in wireless communications technology and also gives the investor potential governance rights.
The offering includes the issuance of 3,271,355 common shares and pre-funded warrants to purchase 16,593,563 shares, along with additional warrants exercisable for up to 19,864,918 shares. These instruments differ in the timing and manner in which they convert into shares, but together make the transaction structure broader than a sale of common shares alone. Exercising the warrants could increase the number of shares outstanding, depending on the decisions of the beneficiaries and the terms of the instruments. This structure makes clear that the announced financing figure is expected gross proceeds before expenses, not a confirmed net amount for the company. The total cash available after the offering closes will therefore depend on its expenses and the actual exercise of the related instruments.
Peraso said the proceeds would be used for working capital and general corporate purposes and could extend to developing communications solutions for drone applications. Funding for that development therefore remains one possibility among broader uses, rather than a commitment to direct the entire investment to the drone program. The company develops wireless technology operating at 60 gigahertz and cites applications including fixed wireless access, drone communications, defense and tactical communications. This places the technology in more than one potential market, while the announcement did not specify how funds would be allocated among these uses. Working capital and general purposes remain the uses the company said it intends to fund with the proceeds.
The agreement also includes a board-related provision: Nant may nominate Dr. Patrick Soon-Shiong as one of its two representatives on the board, provided it continues to meet the ownership threshold set out in the agreement. Peraso said the right to continued representation is tied to the investor's ownership level. This gives the transaction an impact beyond providing financing, with the possibility of Nant participating in the company's governance. The available announcement did not provide details on when the nomination right could be exercised or on the second nominee. The right remains conditional on continued compliance with the specified ownership threshold.
The transaction follows Peraso's report that second-quarter 2026 revenue rose about 36% from the first quarter, exceeding its earlier expectations. The company attributed the increase to shipping a delayed order for a new customer in the fixed wireless access sector. But it said irregular demand patterns continued and that customers in the sector faced higher memory prices and shortages of other components. In its second-quarter report, the company disclosed cash and cash equivalents of $3.3 million as of June 30, 2026. It also reported a net loss of about $4.7 million for the six months ended on the same date, and said losses and negative cash flows raised substantial doubt about its ability to continue as a going concern.
Management said cash and expected sales revenue would enable the company to meet its capital requirements through the fourth quarter of 2026, based on an estimate that assumes no additional funding from certain existing facilities. At the same time, it expected market conditions affecting fixed wireless access customers to persist through the fourth quarter. In trading, PRSO shares closed at $0.3784 on October 23, after closing at $0.396 on October 22 and $0.3943 on October 21. They had closed at $0.5914 on October 20, then at $0.3837 on October 19. The transaction statement cites $0.3784 as the warrant exercise price; the closing prices reported here are separate from it. The investment is expected to close on or around October 28, 2026, after customary closing conditions are met.