MoSys Adds 3% Following Business Combination With Peraso

(RTTNews) - Shares of semiconductor solutions provider MoSys, Inc. (MOSY) are rising more than 3% Wednesday morning after the company announced business combination with privately held Peraso Technologies Inc., a fabless semiconductor company.

The companies announced the signing of a definitive agreement for a business combination by way of a statutory plan of arrangement under the Business Corporations Act (Ontario).

Upon closing the deal, MoSys is expected to change its name to Peraso Inc. and trade on the Nasdaq Capital Market under the ticker symbol PRSO.

"The combination will broaden our product lines, add operating scale and unlock potential selling synergies across common customers. Together, the company is uniquely positioned to target high-growth opportunities in 5G, as well as telecom and data networks," stated Dan Lewis, MoSys' Chief Executive Officer.

MOSY, currently at $5.50 has traded in the range of $1.35- $10.75 in the last one year.