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Serve Robotics unveils pricing of $40 million public offering and listing on Nasdaq

Serve Robotics, a startup providing autonomous sidewalk delivery robots, has unveiled 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, a wholly-owned subsidiary of Uber Technologies.

In addition, Serve has granted Aegis Capital, a 45-day option to purchase up to 1,500,000 additional shares of common stock, equal to 15 percent 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 are expected to be approximately $46 million before deducting underwriting discounts and commissions and offering expenses.

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”.

Serve was previously listed on the OTCQB Venture Market under the ticker symbol “SBOT” and will no longer trade on that market. Aegis Capital is acting as the sole book-running manager for the offering. Orrick, Herrington & Sutcliffe is acting as counsel to the Company.

Sichenzia Ross Ference Carmel is acting as counsel to Aegis Capital.

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 on April 17, 2024.

The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC’s website, sec.gov.

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.

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