Presto Automation Entered Into Commitments For An ~$10M Common Equity Pipe; Negotiated Certain Changes To Credit Facility With MetPG Including Decrease Of Minimum Cash Covenant To $10M On Closing Of Pipe
Portfolio Pulse from Benzinga Newsdesk
Presto Automation Inc. has entered into commitments for a $10 million common equity PIPE and negotiated changes to its credit facility with Metropolitan Partners Group, including a decrease of the minimum cash covenant to $10 million. The PIPE is expected to close on May 24, 2023. The funding will support the growth of Presto Voice AI platform and the commercialization of the next-generation Flex product platform.
May 22, 2023 | 1:33 pm
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Presto Automation's $10 million equity PIPE and credit facility changes with MetPG will support the growth of its Presto Voice AI platform and the commercialization of its next-generation Flex product platform.
The $10 million equity PIPE and credit facility changes will provide Presto Automation with the necessary funding to support the growth of its AI platform and the commercialization of its next-generation product platform. This will likely lead to increased adoption of its technology by restaurant chains, resulting in higher revenues and a positive impact on its stock price in the short term.
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