Presto (PRST) Prices 8.53M Share Offering at $0.25/sh

Presto Automation, Inc. (NASDAQ: PRST) 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. The offering is expected to close on or about March 4, 2024, subject to the satisfaction of customary closing conditions.

Chardan and Spartan are acting as joint placement agents for the offering.

The gross proceeds to Presto from this offering are expected to be approximately $2.1 million, before deducting Chardan and Spartan’s fees and other offering expenses payable by Presto. Presto intends to use the net proceeds from this offering for working capital and general corporate purposes.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-275112) (including a base prospectus) previously filed with the Securities and Exchange Commission (the “SEC”) on October 20, 2023 and declared effective by the SEC on October 30, 2023. A prospectus supplement and the accompanying base prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. 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 [email protected].

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.

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