Why Presto Automation (PRST) Stock Is Getting Hammered

Presto Automation Inc PRST shares are trading lower by 24% to $0.30 during Thursday’s session after the company announced a securities purchase agreement with institutional investors.

The agreement involves the sale of 8,533,000 shares of common stock in a registered direct offering at a price of $0.25 per share. Chardan and Spartan are acting as joint placement agents for the offering.

The gross proceeds are estimated to be around $2.1 million, with Presto planning to utilize the net proceeds for working capital and general corporate purposes. The offering is anticipated to close around March 4, subject to customary closing conditions.

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How To Buy PRST Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Presto Automation’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, PRST has a 52-week high of $5.74 and a 52-week low of $0.15.