12:21 PM EST, 11/05/2024 (MT Newswires) -- Peraso's ( PRSO ) shares were down more than 22% in recent Tuesday trading after the company said it has entered into definitive agreements for the exercise of series B warrants to acquire about 2.2 million common shares at a lower price of $1.30 per share.

The company said it anticipates about $2.9 million in gross proceeds and that net proceeds would be used for working capital and general corporate purposes.

The company said it will issue new unregistered series C and D warrants to purchase up to 2.2 million shares each at $1.61 per share, with the series C warrants having a 6-month term and series D warrants extending to 5 years.

The company added that it also lowered the exercise price to $1.30 for non-participating series B warrant holders until Nov. 8.

Price: 1.24, Change: -0.37, Percent Change: -22.92