Serve Robotics Announces Closing of $20 Million Private Placement & Warrant Exercise

About this update from Serve Robotics Inc.

[{"type":"text","content":"SAN FRANCISCO, Aug. 28, 2024 /PRNewswire/ -- Serve Robotics Inc. (\"Serve\" or \"Company\") (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced the Company has closed on a securities purchase agreement expected to result in gross proceeds of approximately $20.0 million to the Company. The transaction closed on August 28, 2024.\n\nThe Company today announced the closing of a private placement with a single institutional investor for the purchase of pre-funded warrants to purchase 555,555 shares of the Company's common stock (the \"Common Stock\"), together with a warrant to purchase up to an aggregate of 555,555 shares of Common Stock at an exercise price of $10.00 per share (the \"Common Warrants\"). Each pre-funded warrant to purchase one share of Common Stock together with one Common Warrant to purchase one share of Common Stock was sold at a purchase price of $9.00. The Common Warrants are exercisable upon issuance and will expire five and a half years from the date of issuance.\nIn addition, the Company agreed with a single institutional investor to exercise certain outstanding warrants to purchase an aggregate of 2,500,000 shares of Common Stock (the \"Existing Warrants\"). The Existing Warrants were exercised at their original exercise price of $6.00 per share. In consideration for the immediate exercise in full of the Existing Warrants for gross cash proceeds of approximately $15.0 million, the exercising holder received, in a private placement, new unregistered warrants (the \"New Warrants\") to purchase up to an aggregate of 2,200,000 shares of common stock with an exercise price of $10.00 per share. The New Warrants are exercisable upon issuance and will expire five and a half years from the date of issuance.\nThe total gross proceeds were approximately $20.0 million, excluding any proceeds that may be received upon the exercise of the Common Warrants and before deducting placement agent fees and other expenses payable by the company.\nAegis Capital Corp. acted as the exclusive placement agent for the transaction. Orrick, Herrington & Sutcliffe LLP served as counsel to the Company and Sichenzia Ross Ference Carmel LLP served as counsel to Aegis Capital Corp. for the private placement.\nThe securities described above were sold in a private placement exempt from the registration requirements o...

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