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).
In 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.
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.
Serve'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.
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.
A 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
syndicate@aegiscap.com, or by telephone at (212) 813-1010.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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 further information about Serve Robotics (NASDAQ:SERV),
please visit www.serverobotics.com or follow us on social media via
X (Twitter), Instagram, or LinkedIn @serverobotics.
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", "if",
"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.