Serve Robotics (NASDAQ: SERV), a leading autonomous sidewalk delivery company, recently announced the closing of its underwritten public offering. The offering comprised 10,000,000 shares of common stock at $4.00 per unit, resulting in aggregate gross proceeds of $40 million, before deductions. In addition, Serve granted Aegis Capital Corp., the sole book-running manager, a 45-day option to purchase up to 1,500,000 additional shares of common stock to cover over-allotments. If Aegis exercises the option in full, the total gross proceeds of the offering would be approximately $46 million before deductions. Serve plans to use the net proceeds from the offering to fund research and development of the next generations of Serve’s robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes. According to the announcement, Serve’s shares began trading on the Nasdaq Capital Market under the ticker symbol SERV and will no longer trade on the OTCQB(R) Venture Market.
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About Serve Robotics Inc.
Backed by Uber and NVIDIA, Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. The company has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets. For more information, please visit www.serverobotics.com.
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