Presto Automation secures $4M bridge loan from Presto CA, gets lender forbearance through May 15, 2024

Presto Automation Inc.

Issued $4M secured promissory note to Presto CA; $2M funded now, $2M on March 30, matures May 15, 2024.
12% PIK interest; note secured by first-priority lien on substantially all assets.
Existing lenders (Metropolitan Partners) forbear on defaults until May 15, 2024, conditional on the note.
Anti-dilution period extended through Sept 30, 2024; trigger price set at below $0.25 per share.
Company projects initial $2M funds operations through April 15; additional $2M through May 15, 2024.

item 1.01 item 8.01 item 9.01

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. amended Second Amendment with Presto CA LLC (effective 2024-03-21).

Action: amendment
Agreement: equity purchase
Counterparty: Presto CA LLC
Effective: 2024-03-21

Exact text from the filing

On March 21, 2024, in connection with the issuance of the Note, the Company entered into a second amendment (the “Second Amendment”) to Purchase Agreement dated October 10, 2023, between the Company and Presto CA (the “CA Purchase Agreement”).

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

Presto Automation Inc. entered into Secured Promissory Note with Presto CA LLC valued at $4,000,000 (effective 2024-03-21).

Action: entry
Agreement: credit facility
Counterparty: Presto CA LLC
Value: $4,000,000
Effective: 2024-03-21

Exact text from the filing

On March 21, 2024, Presto Automation Inc. (“Presto” or the “Company”), together with Presto Automation, LLC, issued to Presto CA LLC (“Presto CA”) a secured promissory note in the principal amount of $4,000,000 (the “Note”), pursuant to which Presto CA agreed to make two loans totaling an aggregate of $4,000,000 to the Company.

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

Presto Automation Inc. amended Seventh Amendment with Metropolitan Partners Group Administration, LLC (effective 2024-03-21).

Action: amendment
Agreement: credit facility
Counterparty: Metropolitan Partners Group Administration, LLC
Effective: 2024-03-21

Exact text from the filing

On March 21, 2024, the Company entered into a Seventh Amendment (the “Seventh Amendment”) to the Credit Agreement dated as of September 21, 2022 (as subsequently amended, the “Credit Agreement”) with the Agent for the Lenders.

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

Source: SEC EDGAR

accession 0001104659-24-037407

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