TechMediaBreaks – Serve Robotics Inc. (NASDAQ: SERV) Closes on $20M Private Placement, Warrant Exercise

Serve Robotics (NASDAQ: SERV), a leading autonomous sidewalk delivery company, announced the August 28, 2024, closing of a securities purchase agreement expected to raise approximately $20.0 million in gross proceeds. The transaction included a private placement and a warrant exercise, each with a single institutional investor. According to the announcement, the private placement involved the purchase of pre-funded warrants to purchase 555,555 shares of the company’s common stock, together with a warrant to purchase up to an aggregate of 555,555 shares of common stock at an exercise price of $10.00 per unit. Each pre-funded warrant was sold at a purchase price of $9.00.

The announcement also noted that the company agreed with a single institutional investor to exercise certain outstanding warrants to purchase an aggregate of 2,500,000 shares of common stock. The existing warrants were exercised at their original exercise price of $6.00 per share. Aegis Capital Corp. acted as the exclusive placement agent for the transaction.

To view the full press release, visit https://ibn.fm/qf1dl

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 more information, please visit www.serverobotics.com.

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