Presto Automation announces sale process backed by lender financing

Presto Automation announced an injection of significant operating capital from its senior secured lenders, led by Metropolitan Partners Group. 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 shareholders of Presto Automation Inc. are not expected to receive any payment for their shares following the sale process, and Presto Automation Inc. will be wound up. Over the past several months, Presto’s Voice AI efficiency has shown significant improvement and accuracy, continuing to demonstrate that its cutting-edge automation solutions enhance efficiency and improved guest experience for its restaurant partners. Presto is currently expanding with significant QSR chains, which will bring its AI technology to approximately 750 additional restaurants when fully expanded. The sale process will begin September 24th, 2024 and is expected to conclude in November 2024