SPAC Ventoux shareholders approve merger with restaurant tech provider Presto

Sep. 15, 2022 2:47 PM ETPresto Automation, Inc. (PRST)By: Val Kennedy, SA News Editor1 Comment

photo on spac (special purpose acquisition company) theme. wooden cubes with the abbreviation "spac", on the background of laptop and succulent. business concept image

Ivan Martynov

SPAC Ventoux CCM Acquisition Corp. (NASDAQ:VTAQ) shareholders have approved the company's proposed merger with restaurant automation technology provider E La Carte, also known as Presto.

The combined company, to be called Presto Automation, is expected to receive gross proceeds of around $92M from the deal.

The merger is expected on Sept. 20, with shares of the combined company making their debut on Nasdaq under the symbol PRST on Sept. 21.

Based in California, Presto is a provider of labor automation technology for the hospitality industry.

Ventoux and Presto announced plans to merge last November, with the deal valuing Presto at around $1.04B. The deal's valuation was revised in July.

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