Presto raises capital from Remus Investor Group, to reduce global full-time employee base by about 17% [Seeking Alpha]
PRESTO AUTOMATION INC (PRST)
Company Research
Source: Seeking Alpha
shares of common stock in a registered offering that the company anticipates will result in gross proceeds of about $7 million. As part of the transaction, Remus Capital has appointed two additional directors to Presto's Board of Directors. Presto also announced that it would take further steps in its ongoing efforts to reduce costs, improve profitability, and streamline operations by implementing a reduction in force of its global full-time employee base by about 17%. The company estimates that this initiative, along with other cost-saving initiatives, will reduce monthly expenditures by about $0.4 million, rising to approximately $1.2 million after nearly eight months. PRST is to $0.8326. Recommended For You PRST - Presto Automation Inc. Recommended For You
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