Presto To Become Publicly Traded Following Business Combination With Ventoux CCM Acquisition
First Day of Trading Expected to be on September 22, 2022
Presto Automation Inc. ("Presto" or the "Company"), one of the largest labor automation technology providers in the hospitality industry, today announced that it completed its previously announced business combination with Ventoux CCM Acquisition Corp. ("Ventoux"), a publicly traded special purpose acquisition company, on September 21, 2022.
The combined company will operate as Presto Automation Inc. and its common stock and warrants are expected to begin trading under the symbols "PRST" and "PRSTW," respectively, on the Nasdaq Stock Market beginning on September 22, 2022.
Presto offers a platform of comprehensive voice, vision, and touch solutions designed to increase staff productivity and improve the guest experience. Processing over $4 billion in transactions annually across almost 280k deployments, Presto Automation can help restaurants achieve over 250% labor productivity and 30% larger check sizes by utilizing their full technology suite. Cash proceeds from the business combination, including a strategic investment from Cleveland Avenue, LLC and others, consisted of approximately $120 million to fund expansion and product development across Presto's platform.
"This is an incredibly exciting time for Presto as we complete our business combination with Ventoux and become a public company," said Raj Suri, Founder and CEO of Presto. "Our platform could not be more timely in today's labor market, and with the capital raised by this transaction, I believe we are well positioned to capitalize on the trend towards labor automation. The white space for our products is only growing every day and we look forward to solving some of the industry's most difficult challenges together with our customers."
"We remain committed to Presto's mission of solving the labor crisis in the hospitality industry and we are excited to continue to work closely with the Company as active members of the board," said Ed Scheetz, CEO and Chairman of Ventoux. "Going forward as a team, we believe that we have the talent and resources necessary to succeed in the public markets and continue to build this impressive organization."
Jefferies LLC acted as exclusive financial advisor and exclusive capital markets advisor to Presto, and White & Case LLP acted as legal advisor to Presto. Chardan Capital Markets LLC and William Blair & Company, L.L.C. acted as financial advisors to Ventoux. Woolery & Co. PLLC and Dentons US LLP acted as legal advisors to Ventoux. William Blair & Company, L.L.C., Truist Securities, Inc. and Chardan Capital Markets LLC acted as placement agents for the PIPE financing and as capital markets advisors, and Mayer Brown, LLP acted as legal advisor to the placement agents.