Serve Robotics Inc. Announces Closing of $40 Million Public Offering and Uplisting to the Nasdaq Capital Market Under New Ticker "SERV"

About this update from Serve Robotics Inc.

[{"type":"text","content":"SAN FRANCISCO, April 22, 2024 /PRNewswire/ -- Serve Robotics Inc. (the \"Company\" or \"Serve\"), a leading autonomous sidewalk delivery company, today announced the closing 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 included the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER).\n\nIn addition, Serve has granted Aegis Capital Corp. (\"Aegis\") a 45-day option to purchase up to 1,500,000 additional shares of common stock, equal to 15% of the number of shares sold in the offering solely to cover over-allotments, if any. If Aegis exercises the option in full, the total gross proceeds of the offering including the overallotment would be approximately $46 million before deducting underwriting discounts and commissions and offering expenses.\nServe 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.\nServe's common stock is listed on the Nasdaq Capital Market under the symbol \"SERV\". Serve was previously listed on the OTCQB® Venture Market under the ticker symbol \"SBOT\" and will no longer trade on that market.\nAegis 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.\nA registration statement on Form S-1 (No. 333-277809) relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the \"SEC\") on April 17, 2024. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained on the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at (212) 813-1010.\nThis press release shall not constitute an offer to sell or a solicitation of a...

More updates from Serve Robotics Inc.