Presto, one of the largest providers of workforce automation technology in the hospitality industry, went public following a business combination with Ventoux CCM Acquisition Corp.

New York- (Business Wire)–Presto Automation Corporation (“Presto” or the “Company”), one of the largest providers of workforce automation technology to the hospitality industry, announced today that it has completed its previously announced business combination with Ventoux CCM Acquisition Corp. (“Ventoux”), a public special purpose acquisition company, September 21, 2022.

The combined company will operate as Presto Automation Inc. Its common stock and warrants are expected to begin trading on the Nasdaq stock market on September 22, 2022 under the symbols “PRST” and “PRSTW,” respectively.

Presto provides a comprehensive platform of voice, vision and touch solutions designed to increase employee productivity and improve customer experience. Presto Automation processes over $4 billion in transactions annually across nearly 280,000 deployments and can help restaurants achieve over 250% higher labor productivity and 30% larger check sizes by leveraging its complete technology suite. Cash proceeds from the business combination, including strategic investments from Cleveland Avenue, LLC and others, included approximately $120 million to fund the expansion and product development of the Presto platform.

“This is an incredibly exciting time for Presto as we complete our business merger with Ventoux and become a public company,” said Presto founder and CEO Raj Suri. In the labor market, our platform couldn’t be more appropriate, and with the capital raised by this transaction, I believe we are well-positioned to capitalize on the trend of labor automation. The white space for our product is growing every day and we look forward to working with our customers to address some industries The most difficult challenge.”

“We remain committed to Presto’s mission to address the labor crisis in the hospitality industry, and we are pleased to continue working closely with the company as an active member of the board,” said Ed Scheetz, Ventoux CEO and Chairman. “As a team, we believe we have the The talent and resources needed to succeed in the public market 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, LLC acted as financial advisors to Ventoux. The Woolery Company PLLC and Dentons US LLP acted as legal counsel to Ventoux. William Blair & Company, LLC, Truist Securities, Inc. Chardan Capital Markets LLC served as placement agent and capital markets advisor to the PIPE financing, and Mayer Brown, LLP served as placement agent legal counsel.

About Ventoux CCM Acquisition Corp.

Ventoux is a special purpose acquisition company for the purpose of a merger, equity exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. VTAQ began trading on the Nasdaq on December 23, 2020 following its IPO. VTAQ is co-sponsored by Ventoux Acquisition Holdings and affiliates of Chardan Capital Markets LLC.

About Presto

Presto superimposes the next generation of digital solutions on the physical world. Our enterprise-grade voice, vision and touch technologies help hotel businesses thrive while delighting guests. With more than 250,000 systems shipped, Presto is one of the largest providers of workforce automation technology in the industry. Presto was founded at MIT in 2008 and is headquartered in Silicon Valley, California.Clients include many of the top 20 U.S. restaurant chains

forward-looking statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding future financial and operating results, plans, objectives, expectations and intentions regarding future operations, products and services and expectations regarding the proposed business combination between Presto and Ventoux, including financing related to the business combination, and others with the words “may result”, “anticipate”, “will continue”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, “forecast”, “outlook” or similar meanings words. Such forward-looking statements are based on the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from those anticipated in these forward-looking statements.

In addition to factors previously disclosed or to be disclosed in Ventoux or Presto’s reports to the SEC and factors identified elsewhere in this communication, the following factors could cause actual results and the timing of events to differ materially from those expressed in the forward-looking statements Outcome or other expectations: (1) the outcome of any legal proceedings that may be brought against Ventoux, Presto or others following the announcement of the completion of the business combination and any definitive agreement; (2) compliance with stock exchange listing standards relevant to the completion of the business combination (3) the risk of the business combination disrupting Presto’s current plans and operations as a result of consummating the proposed business combination; (4) the ability to identify the expected benefits of the business combination, which may be The impact of factors such as customer base, maintaining relationships with customers and suppliers, and retaining its management and key employees; (5) the impact of the COVID-19 pandemic on Presto’s business (including the impact of ongoing global supply chain shortages); (6) Presto’s limited operating history and net loss history; (7) Presto’s customer concentration and reliance on a limited number of key technology providers and payment processors to facilitate payments to Presto’s customers; (8) with the proposed business (9) Changes in applicable laws and regulations; (10) Presto may be adversely affected by other economic, commercial, regulatory and/or competitive factors; (11) Presto’s estimates of expenses and profitability; (12) The evolution of Presto’s competitive market; (13) Presto’s ability to implement its strategic initiatives and continue to innovate its existing products; (14) Presto’s ability to comply with legal requirements regarding the protection of personal data and privacy laws; (15) Cybersecurity risks, data loss (16) Risk of regulatory lawsuits or lawsuits related to Presto’s products or services.

Actual results, performance or achievements could differ materially from, and could be adversely affected by, any projections and forward-looking statements and the assumptions on which such forward-looking statements are based. There can be no assurance that the data contained herein reflects future performance to any extent. Please be careful not to place undue reliance on forward-looking statements as predictors of future performance, as projected financial and other information is based on estimates and assumptions that are inherently subject to a variety of significant risks, uncertainties and other factors, including Many are beyond our control. All information set forth herein speaks only as of the date of information regarding Ventoux and Presto, or information from persons other than Ventoux and Presto, and we do not intend or have an obligation to update any forward-looking statements as such. The result of developments that occurred after the date of the communication. Forecasts and estimates regarding the Presto industry and end markets are based on sources we believe to be reliable, but there can be no assurance that these forecasts and estimates will be accurate in whole or in part. Annualized, pro forma, projected and estimated figures are for illustrative purposes only, are not forecasts, and may not reflect actual results.

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