The shares of Ventoux CCM Acquisition Corp. (NASDAQ: VTAQ) rose 18.11% pre-hours to $6.00 at the last check after a business combination was announced. Stock prices for VTAQ ended Wednesday’s session at $5.08, down -16.86%.
What is the combination move made by VTAQ?
The previously announced business combination between Presto Automation Inc. and Ventoux (VTAQ) has been completed on September 21, 2022.
- As of September 22, 2022, the merged company will trade under the symbols “PRST” and “PRSTW” on the Nasdaq Stock Market and will operate as Presto Automation Inc.
- Presto offers a comprehensive platform that includes voice, vision, and touch solutions to improve guest service and increase employee productivity.
- As Presto Automation processes more than $4 billion in transactions annually across almost 280k deployments, it is able to help restaurants improve labor productivity by over 250% and increase check sizes by 30%.
- Presto’s platform was expanded and products developed through the cash proceeds from the business combination, which included strategic investments from Cleveland Avenue, LLC, and others.
- Considering the labor market’s current situation, Presto’s platform is timelier than ever, and it has a good chance to capitalize on labor automation due to the capital raised by this transaction.
- With its customers, it aims to solve some of the most challenging challenges in the industry by leveraging the whitespace for its products.
- In addition to staying committed to Presto’s mission and remaining involved in its board of directors, Ventoux (VTAQ) has continued to work closely with the company.
- The talent and resources of the VTAQ team allow this company to succeed in the public markets and continue to grow.
What happened recently at VRAQ?
At a Special Meeting of Ventoux’s stockholders held on September 14, 2022, its shareholders approved Ventoux’s proposed merger with E La Carte (d/b/a Presto) (“Presto”).
In the Special Meeting, approximately 99% of Ventoux’s shares, representing approximately 80% of its outstanding common stock, voted in favor of the proposal to approve the Business Combination.
As part of Ventoux’s filing with the Securities and Exchange Commission (SEC), a Current Report on Form 8-K including the formal results of the Special Meeting will be included.
How VTAQ will go through it?
It is anticipated that Ventoux (VTAQ) will obtain gross proceeds equal to at least $92.1 million from the sale, including proceeds from VTAQ trust account and the committed private placement previously announced.