---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-012313"
form_type: "8-K"
ticker: null
cik: "0001822145"
company_name: "Presto Automation Inc."
filed_at: "2024-02-08T23:59:59+00:00"
generated_at: "2026-06-06T05:48:00.938646+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Presto CEO Xavier Casanova resigns; Nasdaq issues MVLS deficiency notice

## Summary
- CEO Xavier Casanova resigned effective Feb 4; company must hire a chief restructuring officer by Feb 16 per credit agreement.
- Nasdaq notified Presto on Feb 6 that MVLS below $50M for 30 consecutive days; 180-day cure period until Aug 5, 2024.
- Previously disclosed bid-price non-compliance; now two Nasdaq deficiencies. Listing on Nasdaq Global Market continues pending cure.
- Hi Auto agreement amended; both parties may compete for Checkers from May 1, 2024. PARR reduced by $0.9M to $16.7M.

## SEC filing metadata
- accession: 0001104659-24-012313
- form_type: 8-K
- cik: 0001822145
- company_name: Presto Automation Inc.
- filed_at: 2024-02-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 3.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1822145/000110465924012313/0001104659-24-012313-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1822145/000110465924012313/tm245632d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-012313
- JSON: https://secwatch.observer/filing/0001104659-24-012313.json
- Plain text: https://secwatch.observer/filing/0001104659-24-012313.txt

## Key facts
- Listing & Compliance Notices
  Presto Automation Inc. received a nasdaq deficiency notice notice regarding market value (rules 5450(b)(2)(A), 5450(b)(3)(A), 5810(c)(3)(C), 5450(a)(1)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: market value
  - Rules: 5450(b)(2)(A), 5450(b)(3)(A), 5810(c)(3)(C), 5450(a)(1)
  source text: Presto Automation Inc. (the “Company”) received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with the requirement to maintain a minimum Market Value of Listed Securities (“MVLS”) of $50 million, as set forth in Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Requirement”), because the MVLS of the Company was below $50 million for the 30 consecutive business days prior to the date of the Notice. Nasdaq further indicated that, as of the date of the Notice, the Company did not comply with certain requirements under the alternative
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822145/000110465924012313/0001104659-24-012313-index.htm
- Executive change
  Xavier Casanova resigned as Chief Executive Officer at Presto Automation Inc..
  - Action: resigned
  - Role: Chief Executive Officer
  source text: On February 4, 2024, Xavier Casanova provided notice to the board of directors of the Company of his decision to resign as Chief Executive Officer ("CEO") of the Company and all other positions held at the Company, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822145/000110465924012313/0001104659-24-012313-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.