Presto Automation faces Nasdaq delisting, cash crisis, CFO change; lenders may foreclose Aug 16

Presto Automation Inc.

Nasdaq suspended trading Aug 8, 2024; delisting filed; stock now on OTC Pink under PRST.
CFO Stanley Mbugua resigned; Lillian Meyer appointed CFO effective Aug 26, 2024.
Company had virtually no cash as of Aug 9; defaults under loan agreements; lenders may foreclose as soon as Aug 16, 2024.
Issued $650K subordinated convertible note to Remus (affiliate of director Krishna Gupta) to meet payroll.
Anti-dilution triggers from low-price share issuance could result in ~15.5 billion fully diluted shares.

item 3.02 item 8.01 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Stanley Mbugua

Chief Financial Officer

Presto Automation Inc.

Effective: 2024-08-09
Successor: Lillian Meyer
Filed: August 12, 2024, 7:59 PM ET

the Company and Stanley Mbugua, the Company’s Chief Financial Officer, agreed that Mr. Mbugua would step down from his role as Chief Financial Officer, effective immediately.

Departed

Stephen Herbert

Director

Presto Automation Inc.

Effective: 2024-08-09
Filed: August 12, 2024, 7:59 PM ET

Stephen Herbert submitted his resignation from the board of directors of the Company effective immediately.

Appointed

Lillian Meyer

Chief Financial Officer

Presto Automation Inc.

Effective: 2024-08-26
Filed: August 12, 2024, 7:59 PM ET

the Company extended an offer to Lillian Meyer which she accepted to serve as the Company’s Chief Financial Officer commencing on August 26, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Stanley Mbugua departed as Chief Financial Officer at Presto Automation Inc..

Action: stepped down
Role: Chief Financial Officer

Exact text from the filing

the Company and Stanley Mbugua, the Company’s Chief Financial Officer, agreed that Mr. Mbugua would step down from his role as Chief Financial Officer, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Stephen Herbert resigned as Director at Presto Automation Inc..

Action: resigned
Role: Director

Exact text from the filing

Stephen Herbert submitted his resignation from the board of directors of the Company effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Lillian Meyer was appointed as Chief Financial Officer at Presto Automation Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

the Company extended an offer to Lillian Meyer which she accepted to serve as the Company’s Chief Financial Officer commencing on August 26, 2024.

View on SEC.gov

Source: SEC EDGAR

accession 0001213900-24-067344

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