Peraso Technologies Inc.

Peraso Technologies Inc., a Toronto, Ontario-based semiconductor company specializing in the development of integrated circuits and chipsets for the new generation of wireless technology, obtained protection under the CCAA on June 3, listing approximately $6.7 million in liabilities to Roadmap Capital and $1.0 million to Polar Multi-Strategy Master Fund. The company is currently facing significant liquidity issues due to, among other things, multiple legal proceedings brought against it in Canada and the US by its largest customer, Ubiquiti Inc. As a result of these proceedings, the company was unable to sell its products to customers other than Ubiquiti, potential purchasers were deterred from acquiring the company, and the company could not obtain viable financing. The COVID-19 pandemic has further exacerbated the company's efforts to obtain financing or engage in a strategic transaction as the financial markets have become significantly more risk-averse. The company anticipates that it will run out of cash by late June, at which point it will be forced to cease operations. EY was appointed monitor. Canadian counsel is TGF for the monitor, Stikeman Elliott for the company, and Aird & Berlis for Ubiquiti Networks Canada Inc.