Presto Automation raises $2.1M at $0.25/share; cash lasts only to mid-March; lender seizes $10M collateral

Presto Automation Inc.

Issued 8,533,000 shares at $0.25 per share for ~$2.1M gross proceeds.
Net proceeds sufficient only through mid-March; exploring further capital.
$10M restricted cash collateral taken by lender, reducing loan to $51.7M principal.
Anti-dilution adjustments increase outstanding shares from 90M to 99M plus 9M warrants at $0.01.
Remus Capital received $960K convertible note convertible at $0.25/share.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Presto Automation Inc. entered into Purchase Agreement with several investors valued at aggregate gross proceeds to the Company from the Offering approximately $2,100,000 (effective 2024-02-29).

Action: entry
Agreement: equity purchase
Counterparty: several investors
Value: aggregate gross proceeds to the Company from the Offering approximately $2,100,000
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024, Presto Automation Inc. (the “Company”) entered into a securities purchase agreements (the “Purchase Agreement”) with several investors (the “Purchasers”) relating to the issuance and sale of an aggregate of 8,533,000 shares of the Company’s common stock

View on SEC.gov

737 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001104659-24-030518

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