Presto Automation Announces Sale Process Backed by Significant Lender Financing
PRESTO AUTOMATION INC (PRST)
Company Research
Source: GlobeNewswire
SAN CARLOS, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Presto Automation Inc. and Presto Automation LLC (together, “Presto” or the “Company”), one of the largest AI and automation technology providers to the restaurant industry, today announced an injection of significant operating capital from its senior secured lenders, led by Metropolitan Partners Group (“Metropolitan”). This capital will help support the Company and stabilize its ongoing operations during a sales process for the Company’s business and assets, and was provided by the lenders following an uncontested notice of default to the Company from Metropolitan. Metropolitan, with the help of its sale agent, Rock Creek Advisors, will be running a sale process under Article 9 of the Uniform Commercial Code to obtain the highest and best value for the Company’s business and assets. The Company expects that a successful sale will result in a streamlined capital structure and improved financial flexibility. Current sharehol
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