SAN FRANCISCO, CA – April 17, 2024 – Serve Robotics Inc. is set to commence trading on the Nasdaq Capital Market under the ticker symbol “SERV” starting April 18, 2024, marking a significant milestone for the autonomous sidewalk delivery company. This move follows the successful pricing of its public offering of 10,000,000 shares of common stock at $4.00 per share, generating gross proceeds of $40 million before deductions. The offering witnessed participation from Postmates, LLC, a subsidiary of Uber Technologies Inc (NYSE: UBER), highlighting strong industry confidence in Serve’s vision.
The net proceeds from this offering are strategically earmarked to fuel Serve Robotics’ growth trajectory. A substantial portion will be invested in research and development, accelerating the innovation of next-generation delivery robots. Furthermore, the funds will bolster manufacturing capabilities to meet increasing demand and facilitate geographic expansion into new markets. Working capital and other general corporate needs will also be addressed through this capital infusion.
This Nasdaq listing elevates Serve Robotics’ profile within the investment community and the broader market. Previously traded on the OTCQB® Venture Market under the ticker “SBOT,” Serve’s transition to Nasdaq signifies its progression and maturity as a public company. The company will cease trading on the OTCQB market as it focuses on its new chapter on Nasdaq Serv.
Serve Robotics, incubated within Uber and later spun out as an independent entity in 2021, is at the forefront of revolutionizing last-mile delivery. Leveraging advanced AI and a commitment to sustainability, Serve’s low-emission robots are designed to make urban delivery more efficient and economical. The company has already achieved a significant track record, completing tens of thousands of commercial deliveries for major partners including Uber Eats and 7-Eleven. Serve’s robust business model is further validated by multi-year contracts, including an agreement to deploy up to 2,000 robots on the Uber Eats platform across various U.S. markets.
Aegis Capital Corp. acted as the sole book-running manager for this offering, with legal counsel provided by Orrick, Herrington & Sutcliffe LLP for Serve Robotics and Sichenzia Ross Ference Carmel LLP for Aegis Capital Corp.
The offering was made effective by the Securities and Exchange Commission (SEC) on April 17, 2024, and is being conducted through a prospectus available on the SEC’s website and from Aegis Capital Corp.
This announcement is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities.
About Serve Robotics Inc.
Serve Robotics is an autonomous sidewalk delivery company backed by industry leaders Uber and NVIDIA. The company specializes in AI-powered, low-emission robots aimed at transforming the sustainability and economics of delivery. Originating from Uber in 2021, Serve has established itself as a key player in the autonomous delivery space, partnering with major enterprises like Uber Eats and 7-Eleven. With significant contracts for large-scale robot deployments, Serve Robotics is poised for continued growth and innovation in the evolving landscape of last-mile logistics.
For more information on Serve Robotics (Nasdaq: SERV), please visit www.serverobotics.com and follow Serve Robotics on social media: X (Twitter), Instagram, and LinkedIn @serverobotics.
Forward-Looking Statements
This release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on current management expectations and are subject to risks and uncertainties detailed in Serve Robotics’ filings with the SEC, including the Annual Report on Form 10-K. Forward-looking statements are identifiable by terms like “anticipate,” “believe,” “expect,” and similar expressions, and pertain to future events, performance, and financial outlook. Actual results may differ materially due to various factors. Serve Robotics undertakes no obligation to update these statements.
Contacts:
Media:
Aduke Thelwell
Head of Investor Relations & Communications
Serve Robotics Inc.
[email protected]
347-464-8510
Investors:
CORE IR
[email protected]
