Serve Robotics Prices Public Offering Of 10 Mln Shares At $4.00/shr

(RTTNews) - Serve Robotics Inc., an autonomous sidewalk delivery company, said that it priced its underwritten public offering of 10 million shares of common stock at $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, LLC, a wholly-owned subsidiary of Uber Technologies Inc (UBER).

Serve Robotics 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" on April 18, 2024. Serve was previously listed on the OTCQB Venture Market under the ticker symbol "SBOT" and will no longer trade on that market.

In addition, Serve Robotics noted that it has granted Aegis Capital Corp. a 45-day option to purchase up to 1.50 million 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 are expected to be approximately $46 million before deducting underwriting discounts and commissions and offering expenses.

The offering is expected to close on or about April 22, 2024.

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.