Presto Automation’s business difficulties, which began with the company’s decision to wind down its tablet business in favor of drive-thru voice artificial intelligence, will culminate in a sales process over the next two months, according to a press release.
The sale process is accompanied by an injection of capital from its lenders, led by Metropolitan Partners Group, intended to sustain Presto’s operations during the sale. Rock Creek Advisors will act as Presto’s sales agent.
Presto anticipates “a successful sale will result in a streamlined capital structure and improved financial flexibility,” but that current shareholders will not receive any payment for shares following the sale and “Presto Automation Inc. will be wound up.”
Presto CEO Guillaume “Gee” Lefevre previously told Restaurant Dive that the company would survive delisting by the Nasdaq, and that changes to its ownership structure that allow it to act more like a startup would benefit the firm as it develops its voice AI tools.
Lefevre said in a statement that the company is “committed to maintaining its current service levels, with no planned changes to its employee base or operations.”
According to the press release, Presto’s technology has improved in recent months and the firm is expanding with QSR operators, with plans to bring its technology to an additional 750 restaurants. Taco John’s, for instance, has been testing Presto’s voice ordering ahead of a planned expansion to franchised locations.
