Presto enters agreements with Remus investor group, adds two to board

Presto Automation has entered into agreements with a Remus Capital-affiliated syndicate of investors to sell 7,000,000 shares of common stock of the company in a registered offering that the company anticipates will result in gross proceeds of approximately $7M. This capital comes in addition to the previously disclosed $3M invested by Cleveland Avenue, founded by Don Thompson and a $3M upsize of the company’s existing credit facility with Metropolitan Partners Group. As part of the transaction, Remus Capital has appointed two additional directors to Presto’s Board of Directors. Northland Capital Markets, Chardan, and The Benchmark Company are acting as the placement agents for the offering. Remus is also appointing two additional individuals to the board: Tewfik Cassis, who was the first investor in Presto alongside Mr. Gupta, and Sasha Hoffman, another individual Presto investor and long-time business associate of Mr. Gupta’s. Both Mr. Cassis and Ms. Hoffman are entrepreneurial operators who will add significant product, technology, and financial expertise gained across their careers – Mr. Cassis at Facebook and McKinsey, and Ms. Hoffman at Uber and Goldman Sachs.