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Transaction Expected to Close on September 20, 2022
Ventoux CCM Acquisition Corp. ("Ventoux") (NASDAQ:VTAQ), a publicly traded special purpose acquisition company, today announced that Ventoux's stockholders have approved its proposed merger with E La Carte (d/b/a Presto) ("Presto"), one of the largest labor automation technology providers in the hospitality industry, at a Special Meeting of its stockholders held on September 14, 2022.
Approximately 99% of the votes cast at the Special Meeting, representing approximately 80% of Ventoux's outstanding shares of common stock entitled to vote at the Special Meeting, were cast in favor of the proposal to approve the Business Combination. The formal results of the Special Meeting will be included in a Current Report on Form 8-K to be filed by Ventoux with the Securities and Exchange Commission (the "SEC").
The closing of the business combination is expected to take place on September 20, 2022. It is anticipated that the transaction will result in at least approximately $92.1 million in gross proceeds for the post-closing company, including proceeds from Ventoux's trust account and the previously announced committed private placement. Upon the closing of the Business Combination, the combined company (the "Company") will be renamed "Presto Automation Inc." and its common stock and warrants are expected to begin trading on the Nasdaq Stock Market beginning on September 21, 2022 under the ticker symbols "PRST" and "PRSTW" respectively.
"The capital anticipated to be raised by this transaction will put Presto well on our way to funding our expected growth and the future of our industry leading labor automation technology," Said Raj Suri, CEO and Founder of Presto. "We believe that Presto is now well positioned to succeed in the public markets and look forward to updating the entire investment community on our progress."
"We are pleased with the outcome of the vote and are now poised to join forces with Presto and begin life as a publicly traded company. We continue to believe that the combined Company has a very desirable profile for investors and look forward to working together with the Presto team to maximize shareholder value and create a sustainable growth runway for the future," said Ed Scheetz, CEO and Chairman of Ventoux.
Posted In: VTAQ
