SAN
FRANCISCO, March 7, 2024 /PRNewswire/ -- Serve
Robotics Inc. (the "Company" or "Serve"), a leading
autonomous sidewalk delivery company, announces that it has
qualified to trade on the OTCQB® Venture Market operated
by the OTC Markets Group Inc. and the Company's common shares
commenced trading today on the OTCQB under the ticker symbol
"SBOT".
"Serve's transition to a publicly traded entity marks an
important moment in the robotics landscape, showcasing our role as
one of the first to commercially deploy AI-powered robots in urban
settings. With the backing of strategic partners, including Uber
and NVIDIA, we believe Serve is at the forefront of delivering
sustainable last-mile automation at an unprecedented scale," stated
Dr. Ali Kashani, Serve's Co-founder
and CEO. "Our entry into the public markets will fuel our plans to
roll out up to 2,000 robots on the Uber Eats platform in multiple
U.S. markets under our existing agreements. We look forward to
executing on our business plan and to our growth as a public
entity."
Serve Robotics operates a fleet of AI-powered, sidewalk delivery
robots that have completed over 50,000 commercial deliveries in the
Los Angeles metropolitan area. The
Company has platform-level integrations with Uber Eats and
7-Eleven, and its investors include NVIDIA Corporation ("NVIDIA")
(NASDAQ: NVDA), Uber Technologies, Inc. ("Uber") (NYSE: UBER), and
7-Eleven and Delivery Hero's corporate venture units. In
January 2024, Serve issued secured
subordinated convertible promissory notes to certain investors in a
financing round with participation from NVIDIA and Uber. In
February 2024, Serve entered into a
strategic partnership with Magna New Mobility USA, Inc., a subsidiary of Magna International
Inc. ("Magna") (TSX: MG; NYSE: MGA), pursuant to which Serve grants
Magna a non-exclusive license to Serve's Autonomous Mobile Robot
(AMR) technology in support of Magna's AMR projects.
About Serve Robotics Inc.
Serve is shaping the future
of sustainable, self-driving delivery. The Company designs,
develops and operates low-emissions robots that serve people in
public spaces, starting with food delivery. Founded in 2017 as the
robotics division of Postmates, Serve set out to build a robotic
delivery experience that delights customers, improves reliability
for merchants, and reduces vehicle emissions to zero. Six years
later, the company's self-driving robots have successfully
completed tens of thousands of contactless deliveries in Los
Angeles and San Francisco. Spun off from Postmates as an
independent company in February 2021, Serve counts Uber,
NVIDIA, 7-Eleven and Delivery Hero's corporate venture units among
its investors. Serve has several established commercial
partnerships and continues to expand its partner platform. Find out
more at www.serverobotics.com, follow us on social media
via Twitter and Instagram, or apply to join our team
on LinkedIn.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Serve intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 21E
of the Exchange Act. These forward-looking statements can be about
future events, including statements regarding Serve's intentions,
objectives, plans, expectations, assumptions and beliefs about
future events, including Serve's expectations with respect to the
financial and operating performance of its business, its capital
position, and future growth. The words "anticipate", "believe",
"expect", "project", "predict", "will", "forecast", "estimate",
"likely", "intend", "outlook", "should", "could", "may", "target",
"plan" and other similar expressions can generally be used to
identify forward-looking statements. Indications of, and guidance
or outlook on, future earnings or financial position or performance
are also forward-looking statements. Any forward-looking statements
in this press release are based on management's current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. Risks that contribute to the uncertain
nature of the forward-looking statements include those risks and
uncertainties set forth in Serve's Annual Report on Form 10-K for
the year ended December 31, 2023,
filed with the United States Securities and Exchange Commission
(the "SEC") and in its subsequent filings filed with the SEC. All
forward-looking statements contained in this press release speak
only as of the date on which they were made. Serve undertakes no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were
made.
Media:
Aduke
Thelwell
Head of Investor Relations & Communications
Serve Robotics Inc.
aduke.thelwell@serverobotics.com
347-464-8510
Investors:
CORE IR
investor.relations@serverobotics.com
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SOURCE Serve Robotics Inc.