Presto Automation confirmed in an 8-K filed with the U.S. Securities and Exchange Commission this week that it has withdrawn an appeal of the Nasdaq’s determination that the company had fallen out of compliance with listing requirements. The Nasdaq told the company it would suspend trading of its shares at the opening of the market Thursday.
A search of the Nasdaq’s site Thursday indicated that Presto’s stock has been delisted.
Presto’s interim CEO Guillaume ‘Gee’ Lefevre previously told Restaurant Dive that delisting might benefit Presto by allowing it to behave more like a tech startup than an established company. Lefevre said that Presto’s strategy has come to resemble a startup, as it develops and deploys its drive-thru voice automation tools, and sunsets its tablet business, which accounted for almost 90% of its revenue as late as March 2024.
According to the 8-K, Presto has also received a waiver for one of the requirements in an agreement with Metropolitan Capital, its major lender. Previously, Presto was required to raise $2 million each by Aug. 1, Aug. 15 and Aug. 29. Because of the waiver, the company must raise $4 million by Aug. 15, and $2 million by Aug. 29.
