SAN
FRANCISCO, July 24, 2024 /PRNewswire/ -- Serve
Robotics Inc. ("Serve") (Nasdaq: SERV), a leading autonomous
delivery robotics company, today announced the closing of a private
placement with a single institutional investor for the purchase and
sale of pre-funded warrants to purchase 2,500,000 shares of Serve's
common stock (the "Common Stock"), together with warrants to
purchase up to an aggregate of 2,500,000 shares of Common Stock at
an exercise price of $6.00 per share. Each pre-funded
warrant to purchase one share of Common Stock together with one
warrant to purchase one share of Common Stock is being sold at a
purchase price of $6.00. The warrants are exercisable upon
issuance and will expire five and a half years from the date of
issuance.
Aegis Capital Corp. acted as the exclusive placement agent
for the offering. Orrick, Herrington & Sutcliffe LLP served as
counsel to the Company and Sichenzia Ross Ference Carmel LLP served
as counsel to Aegis Capital Corp.
The offering closed on July 24,
2024. The gross proceeds to Serve from this offering were
approximately $15.0 million, before
deducting placement agent fees and other offering expenses.
The securities described above are being sold in a private
placement exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Act"), and have not been
registered under the Act, or applicable state securities laws.
Accordingly, the securities may not be offered or sold in
the United States except according
to an effective registration statement or an applicable exemption
from the registration requirements of the Act and such applicable
state securities laws. Pursuant to a registration rights agreement
with the investor, the Company has agreed to file one or more
registration statements with the Securities and Exchange Commission
(the "SEC") covering the resale of the shares of Common Stock sold
in the private placement and the shares of Common Stock issuable
upon exercise of the pre-funded warrants and the warrants sold in
the private placement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such 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
Backed by Uber and NVIDIA, Serve Robotics Inc. 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. Serve 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.
Safe Harbor Forward-Looking Statements
This press release of Serve Robotics Inc. contains
"forward-looking statements". Words such as "may", "will", "could",
"should", "expects", "anticipates", "intends", "plans", "believes",
"seeks", "estimates" and other comparable terminology are intended
to identify forward-looking statements. Forward-looking statements
are not historical facts, and are based upon management's current
expectations, beliefs and projections, many of which, by their
nature are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there could be no
assurance that management's expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed or indicated by the forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in the forward-looking statements.
Forward-looking statements speak only as of the date the statements
are made. Serve assumes no obligation to update forward-looking
statements to reflect actual results, subsequent events or
circumstances, changes in assumptions or changes in other factors
affecting forward-looking statements except to the extent required
by applicable securities laws. If Serve does update one or more
forward-looking statement, no inference should be drawn that Serve
will make additional updates with respect thereto or with respect
to other forward-looking statements.
Contacts
Aduke Thelwell
Head of Communications
Serve Robotics
aduke.thelwell@serverobotics.com
347.464.8510
CORE IR
investor.relations@serverobotics.com
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SOURCE Serve Robotics Inc.