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Presto Declines on New Purchase Agreement

Presto Automation, Inc. (NASDAQ: PRST) saw its shares fall Thursday. The company, one of the largest AI and automation technology providers to the restaurant industry, announced today that it has entered into a securities purchase agreement with institutional investors, providing for the purchase and sale of 8,533,000 shares of common stock in a registered direct offering, at a price per share of $0.25. The offering is expected to close on or about March 4, 2024, subject to the satisfaction of customary closing conditions.

Chardan and Spartan are acting as joint placement agents for the offering.

This morning's news release added the gross proceeds to Presto from this offering are expected to be approximately $2.1 million, before deducting Chardan and Spartan’s fees and other offering expenses payable by Presto. Presto intends to use the net proceeds from this offering for working capital and general corporate purposes.

PRST shares gave up 11 cents, or 27%, to 29 cents.