vtaq - VTAQ STOCK NEWS

Ventoux CCM Acquisition Corp. (NASDAQ: VTAQ) announced stockholder approval for its merger with E La Carte (d/b/a Presto), a leading labor automation technology provider in hospitality. The vote, held on September 14, 2022, garnered approximately 99% approval from 80% of voting shareholders. The merger is anticipated to close on September 20, 2022, unlocking approximately $92.1 million in gross proceeds. Post-merger, the company will operate as Presto Automation Inc. under new tickers PRST and PRSTW.

Ventoux CCM Acquisition Corp. (NASDAQ: VTAQ) and Presto have revised merger terms, securing a $60 million equity investment from Cleveland Avenue and expecting an additional $40 million from other sources, including $13 million from Ventoux's trust account without redemptions. The pre-money valuation for Presto stands at $525 million. This deal aims to enhance Presto's technology deployment in the restaurant industry, according to CEO Ed Scheetz.

Famous Dave's, owned by BBQ Holdings (NASDAQ: BBQ), has chosen Presto as its exclusive provider for next-gen pay-at-table solutions. This partnership aims to enhance guest experience, increase guest loyalty, and improve labor productivity across U.S. locations. The Presto system offers convenience and robust security features like EMV and mobile payment support. Presto's technology is set to streamline operations and drive repeat visits, benefiting Famous Dave's in table turns and staff efficiency.

Presto has partnered with Evergreen Restaurant Group to implement its Server Assistant technology at locations including Outback Steakhouse and Carrabba’s Italian Grill. This Android-based solution enables servers to take orders and process payments directly, enhancing guest and staff experiences while improving operational efficiency.

Presto's technology is POS agnostic, supports real-time feedback, and includes unique features like upselling and gamification. The merger with Ventoux CCM Acquisition Corp. (NASDAQ: VTAQ) is set to make Presto publicly traded, with the merger expected to complete soon.

Checkers & Rally’s has chosen Presto to implement its automated voice ordering system across all corporate-owned drive-thrus, making it the first large-scale deployment of AI voice technology in the hospitality sector. This initiative aims to enhance operational efficiency, increase order accuracy, and improve customer experience. A pilot program demonstrated over 98% order completion with minimal employee intervention. Additionally, Checkers & Rally’s is set to finalize a merger with Ventoux CCM Acquisition Corp. (NASDAQ: VTAQ), transitioning to Presto Technologies, Inc.

Presto has partnered with Ottonomy to integrate autonomous delivery vehicles into its restaurant solutions to combat the labor shortage. This partnership allows customers to utilize contactless delivery methods for curbside and parking lot orders, enhancing operational efficiency. A recent study indicates that 50% of restaurant operators plan to adopt automation tech. Additionally, Presto is moving towards public listing through a merger with Ventoux CCM Acquisition Corp (NASDAQ: VTAQ), expected to close soon.

Presto, a leader in restaurant technology, has entered a merger agreement with Ventoux CCM Acquisition Corp. (VTAQ), valuing the combined company at approximately $1 billion. This deal aims to modernize the restaurant industry with next-generation touch, vision, and voice technologies to improve labor productivity. Presto's innovative solutions have gained wide adoption, shipping over 250,000 systems to major chains. The merger is expected to close in the first half of 2022, subject to regulatory approvals.