Presto Automation Raises $6M Involving The Sale Of Convertible Subordinated Notes, Wins Final Appeal In Case Against XAC
Portfolio Pulse from Benzinga Newsdesk
Presto Automation Inc. (NASDAQ:PRST) announced a $6M financing through convertible subordinated notes and a favorable court verdict against XAC Automation Corp. The financing was led by existing investors, including Remus Capital. The company also reported significant growth in its Presto AI Voice product, doubling its live stores to 145. CEO Xavier Casanova resigned, with a replacement to be announced. Presto won an $11.1M award from XAC, with plans to enforce or monetize the award. An amendment with Hi Auto allows competition for the Checkers relationship. The notes are convertible into 36M shares at $0.25/share. The company needs to raise an additional $6M by March 8, 2024, to sustain operations. Matthew MacDonald joined the Board of Directors.
February 12, 2024 | 3:06 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Presto Automation Inc. announced a $6M financing round and a favorable court verdict, alongside significant growth in its AI Voice product and the resignation of its CEO.
The $6M financing and court victory are positive developments, likely boosting investor confidence. The growth in Presto AI Voice product indicates strong business momentum. However, the CEO's resignation introduces uncertainty, potentially offsetting some positive sentiment. The need to raise an additional $6M by March 8, 2024, adds a note of caution.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100