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Presto Automation (PRST) just unveiled an update.
Stephen Herbert resigned from the Company’s board, and Stanley Mbugua stepped down as CFO, succeeded by Lillian Meyer with a strong financial background and a comprehensive compensation package. Amidst a precarious liquidity situation, the Company secured a short-term $650,000 subordinated convertible note from Remus Capital and continues to sell shares under an agreement with Triton Funds LP. However, without further leniency from lenders, the Company faces a potential default that could lead to investor losses. The situation is compounded by significant share dilution due to anti-dilution protections, and the Company is struggling to meet a $32 million fundraising obligation to restructure its loan agreements.
For a thorough assessment of PRST stock, go to TipRanks’ Stock Analysis page.