---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-037407"
form_type: "8-K"
ticker: null
cik: "0001822145"
company_name: "Presto Automation Inc."
filed_at: "2024-03-21T23:59:59+00:00"
generated_at: "2026-06-04T10:21:29.179969+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-037407
- form_type: 8-K
- cik: 0001822145
- company_name: Presto Automation Inc.
- filed_at: 2024-03-21T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1822145/000110465924037407/0001104659-24-037407-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1822145/000110465924037407/tm249250d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-037407
- JSON: https://secwatch.observer/filing/0001104659-24-037407.json
- Plain text: https://secwatch.observer/filing/0001104659-24-037407.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822145/000110465924037407/0001104659-24-037407-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822145/000110465924037407/0001104659-24-037407-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1822145/000110465924037407/0001104659-24-037407-index.htm

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