Serve Robotics Announces Pricing of $40 Million Public Offering and Uplisting to the Nasdaq Capital Market
April 17, 2024
SAN FRANCISCO /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve"), a leading autonomous sidewalk delivery company, announced the pricing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The offering includes the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER).
Serve plans to use 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.
Serve also announced that, in connection with the offering, its common stock has been approved for listing and will begin trading on the Nasdaq Capital Market under the symbol "SERV" on April 18, 2024. Serve was previously listed on the OTCQB® Venture Market under the ticker symbol "SBOT" and will no longer trade on that market."
Aegis Capital Corp. is acting as the sole book-running manager for the offering. Orrick, Herrington & Sutcliffe LLP is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis Capital Corp.
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.
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