Ventoux CCM Acquisition announced that its stockholders approved the proposed merger with E La Carte (d/b/a Presto), one of the largest labor automation technology providers in the hospitality industry.
Approximately 99% of the votes cast — representing about 80% of Ventoux’s outstanding shares — were in favor of the business combination.
The SPAC disclosed in an 8-K that 323,877 shares were redeemed for $10.20 per share, or $3,303,545.40. Following the redemption, Ventoux will have 5,243,641 shares outstanding, which consists of 931,141 shares sold in the IPO and 4,312,500 privately placed founder shares.
A vote on the merger was originally set for June, but postponed as the SPAC raised $100 million in additional funding for the deal.
As announced in November, the transaction was to be funded by $172.5 million from the Ventoux trust account, assuming no redemptions, and a $70 million PIPE. However, shareholder redemptions wiped out about $163 million (94%) of the SPAC’s trust ahead of the June vote on a merger deadline extension.
The closing of the business combination is expected Sept. 20. The transaction is expected to result in at least $92.1 million in gross proceeds. Upon closing, Presto Automation stock and warrants are expected to begin trading on the Nasdaq beginning Sept. 21 under the ticker symbols PRST and PRSTW. Read more.
