secwatch.observer — SEC 8-K summary
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Issuer:     Presto Automation Inc. (—)
CIK:        0001822145
Form:       8-K
Filed at:   2024-03-04T23:59:59+00:00
Accession:  0001104659-24-030518
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1822145/000110465924030518/0001104659-24-030518-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1822145/000110465924030518/tm246736d5_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-030518

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