Ventoux CCM Acquisition in a press release said it has revised terms of its merger deal with restaurant tech company Presto, lowering the pre-money valuation from $00 million to $525 million.
The SPAC also announced a $60 million PIPE addition alongside approximately $40 million expected from other sources, including $13 million held in trust, assuming no redemptions.
Ventoux CCM clearly needed the additional financing, as shareholder redemptions wiped out about $163 million of the SPAC’s trust ahead of last month’s vote on a merger deadline extension. The SPAC had $172.5 million in trust and a $70 million PIPE when the deal was announced last November.
Led by Cleaveland Aveune, the $60 million equity injection will help accelerate the deployment of Presto’s technology throughout the restaurant industry, the companies said. Read more.
