Presto SPAC: How to buy the restaurant technology firm's stock?

2 min read | November 12, 2021 10:11 AM EST | By Raza Naqvi

Presto SPAC: How to buy the restaurant technology firm's stock? — Image source: Demidovichphotostock | Megapixl.com

Presto SPAC: Key details

Through the merger with a SPAC, Presto could use the public funds to continue developing its products.

The company offers various technologies using speech recognition and artificial intelligence for doing things like automating orders.

Presto to go public on Nasdaq Stock Market.

Presto aims to make innovative products to improve the user experience at a restaurant and improve the efficiency of staff members. Notably, Presto's clients include brands like McDonald's and Chili's.

Also Read: How to buy Redwood Materials stock?

The merger announcement comes at a time when restaurants are trying to bounce back to the pre-pandemic levels and innovative technologies could help them increase their revenues.

Under the SPAC merger, Presto will reportedly add people to its board, and it could comprise Kim Lopdrup, former CEO of Red Lobster and Ventoux's Ed Scheetz.

Bottom line

Interested investors in Presto's stock could wait for the company to start trading publicly and use online trading accounts to buy its shares like regular stock trading. As of now, there's possibly no way to get hold of the restaurant technology company's stock.

Presto was started in 2008 by Raj Suri, who reportedly dropped out of Massachusetts Institute of Technology to establish this company and developed its first pay-at-the-table device within a year.

Reports suggest that Presto's merger will be funded by US$ 172.5 million from the SPAC's trust account.

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