---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-035601"
form_type: "8-K"
ticker: null
cik: "0001822145"
company_name: "Presto Automation Inc."
filed_at: "2024-03-18T23:59:59+00:00"
generated_at: "2026-06-04T15:37:33.044707+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Presto Automation raises $1.2M, cuts 18% staff, cash runway only to April 1, 2024

## Summary
- Issued 4.8M shares at $0.25 for ~$1.2M gross proceeds; closed March 18, 2024.
- Reduced workforce by 24 roles (18% of total); expects $3.1M annualized savings and $0.4M severance costs.
- Net proceeds + existing cash sustain operations only through April 1, 2024; seeking additional capital.
- Reduction in force is part of wind-down of Touch business.

## SEC filing metadata
- accession: 0001104659-24-035601
- form_type: 8-K
- cik: 0001822145
- company_name: Presto Automation Inc.
- filed_at: 2024-03-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.05, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1822145/000110465924035601/0001104659-24-035601-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1822145/000110465924035601/tm249131d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-035601
- JSON: https://secwatch.observer/filing/0001104659-24-035601.json
- Plain text: https://secwatch.observer/filing/0001104659-24-035601.txt

## Key facts
- Material Agreements
  Presto Automation Inc. entered into Purchase Agreement with several investors (the "Purchasers") valued at aggregate gross proceeds to the Company from the Offering were approximately $1,200,000 (effective 2024-03-14).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: several investors (the "Purchasers")
  - Value: aggregate gross proceeds to the Company from the Offering were approximately $1,200,000
  - Effective: 2024-03-14
  source text: On March 14, 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 4,800,000 shares of the Company’s common stock, par value $0.0001 per share (the “Offering”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822145/000110465924035601/0001104659-24-035601-index.htm
- Restructurings & Charges
  Presto Automation Inc. announced a restructuring with charges of $0.4 million affecting Touch business (24 corporate roles, or 18% of the Company’s workforce).
  - Type: restructuring
  - Charge: $0.4 million
  - Affected area: Touch business
  - Headcount: 24 corporate roles, or 18% of the Company’s workforce
  source text: reduction in force to be substantially complete by the end of the fiscal fourth quarter of 2024. Total costs and cash expenditures for the reduction in force are estimated at $0.4 million, substantially all of which are related to employee severance and benefits costs and will be recognized in the fiscal third and fourth quarter of 2024. The Company expects to pay
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822145/000110465924035601/0001104659-24-035601-index.htm

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