Presto Automation Announces Pricing of Approximately $2.1M Registered Direct Offering

SAN CARLOS, Calif., Feb. 29, 2024 (GLOBE NEWSWIRE) -- Presto Automation, Inc. (Presto or the Company) (NASDAQ: PRST), one of the largest AI and automation technology providers to the restaurant industry, announced today that it has entered into a securities purchase agreement with institutional investors, providing for the purchase and sale of 8,533,000 shares of common stock in a registered direct offering, at a price per share of $0.25. When available, copies of the prospectus supplement and the accompanying base prospectus relating to the offering may also be obtained by contacting Chardan Capital Markets, LLC, Attn: Capital Markets, 17 State Street, Suite 2100, New York, New York 10004, by email at prospectus@chardan.com.This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.Presto (Nasdaq: PRST) provides enterprise-grade AI and automation solutions to the restaurant industry. Prestos solutions are designed to decrease labor costs, improve staff productivity, increase revenue, and enhance the guest experience. Some of the most recognized restaurant names in the United States are among Prestos customers, including Carls Jr., Hardees, and Checkers for Presto Voice.This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, initiatives, continue, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.