Presto Unlocks Approximately $20M of Cash in PIPE Transaction
22 Maio 2023 - 10:22AM
Presto Automation Inc. (NASDAQ: PRST), one of the largest
drive-thru automation technology providers in the hospitality
industry, today announced it had entered into commitments for an
approximately $10 million common equity PIPE. In parallel, Presto
has negotiated certain changes to its credit facility with its
lender, Metropolitan Partners Group (MetPG), including a decrease
of the minimum cash covenant to $10 million effective upon the
closing of the PIPE. The PIPE is expected to close on or around May
24, 2023. Chardan served as financial advisor to Presto.
“We believe that entering into a PIPE without
warrants from both existing and new investors, as well as
effectively aligning our lender to the equity upside of our
business signals the confidence investors have in Presto’s ability
to immediately seize this exciting market opportunity,” said
Krishna Gupta, Chairman and Interim CEO of Presto. “This funding
will enable us to continue leaning into the growth we are
experiencing in our Presto VoiceTM AI platform, as well as support
the commercialization of our next-generation Flex product
platform.”
Presto is an enterprise AI company with more than a
decade of experience operationalizing technology in large
nationwide restaurant chains. Presto recently announced an
expansion partnership with CKE Restaurants, parent of Carl’s Jr and
Hardee’s, to uses Presto VoiceTM to automate participating
drive-thrus across the United States. CKE joins Checkers and Del
Taco as leading customers of Presto Voice™. Presto Voice™ uses
advanced AI techniques, including large language models (LLM), to
accurately take orders from customers in a conversational manner,
leading to labor savings and higher revenue for restaurant
customers.
About Presto Automation Inc.
Presto (NASDAQ: PRST) provides enterprise-grade AI
solutions to some of the nation’s largest hospitality brands.
Presto VoiceTM, its industry-leading automation and voice AI
technology, improves order accuracy, reduces labor costs, and
increases revenue for superior drive-thru and dine-in experiences.
With over $18 billion in payments processed, Presto is one of the
largest labor automation technology providers in the industry. Spun
out of MIT more than a decade ago, Presto is headquartered in
Silicon Valley and counts among its customers several of the top 20
restaurant chains in the United States.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements.
Forward-looking statements are typically identified by words such
as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.
The forward-looking statements are based on
management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. The forward-looking statements
speak only as of the date of this press release or as of the date
they are made. Except as otherwise required by applicable law,
Presto disclaims any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. Presto cautions you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of Presto. In addition, Presto cautions you that the
forward-looking statements contained in this press release are
subject to the following risks and uncertainties: our ability to
manage our growth effectively, to sustain our recent revenue growth
or attract new customers; the limited operating history with our
new Vision and Voice products in a new and developing market; our
ability to achieve revenue growth while our expenses increase;
continued adverse impacts from COVID-19 (including as a result of
global supply chain shortages); the loss of any of our three
largest customers or a reduction in their business with us; our
ability to improve and enhance the functionality, performance,
reliability, design, security, or scalability of our platform to
respond to customers’ evolving needs; our ability to protect the
security of our customers’ information; changing privacy laws,
regulations and standards, and our ability to comply with
contractual obligations and laws related to data privacy and
security; unfavorable conditions in the restaurant industry or the
global economy, including with respect to food, labor, and
occupancy costs; the availability of capital or financing on
acceptable terms, if at all; financial covenants and other
restrictions on our actions contained in our financing agreements
that may limit our operational flexibility; the length and
unpredictability of our sales cycles and the amount of investments
required in sales efforts; material weaknesses in our internal
control over financial reporting and, our ability to remediate
these deficiencies; our ability to continue as a going concern; our
ability to receive additional financing in a timely manner;
shortages, price increases, changes, delays or discontinuations of
hardware; our ability to maintain relationships with our payment
processors; our relies on computer hardware, licensed software and
services rendered by third parties; U.S. laws and regulations
(including with respect to payment transaction processing), many of
which are unsettled and still developing, and our or our customers’
ability to comply with such laws and regulations; significant
changes in U.S. and international trade policies that restrict
imports or increase tariffs; any requirements to collect additional
sales taxes or be subject to other tax liabilities that may
increase the costs to our customers; our ability to adequately
protect our intellectual property rights; claims by third parties
of intellectual property infringement; our use of open-source
software in our platform; and other economic, business, competitive
and/or regulatory factors affecting Presto’s business generally as
set forth in our filings with the Securities and Exchange
Commission.
Contact
Investors:Adam RogersVP Investor
Relationsinvestor@presto.com
Media:Justin Foster & Brian
Rubymedia@presto.com
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