Serve Robotics Announces Pricing of Private Placement and Warrant Exercise for $20 Million in Net Proceeds By Investing.com

SAN FRANCISCO, August 27, 2024 /PRNewswire/ — Serve Robotics Inc. (“Serv” or the “Company”) (Nasdaq: SERV), a leading independent road delivery company, announced today that the Company has entered into an agreement to purchase securities expected to result in a net proceeds of approximately $20.0 million in the Company. The transaction is expected to close on or about August 28, 2024subject to the satisfaction of the closing conditions of the culture.

The Company today announced that it has entered into a securities purchase agreement with a single institutional investor to purchase and sell, in a private placement, pre-funded warrants for the purchase of 555,555 shares of the Company's common stock (“Common Stock”). , and a warrant to purchase an aggregate of 555,555 shares of Common Stock at the exercise price $10.00 per share (“Common Warrants”). Each pre-funded warrant to purchase one share of Common Stock and one Common Warrant to purchase one share of Common Stock are sold at the purchase price. $9.00. The Common Warrants will be exercisable upon issuance and will expire five and a half years from the date of issuance.

In addition, the Company has agreed with one institutional investor to exercise certain outstanding warrants to purchase an aggregate of 2,500,000 shares of Common Stock (the “Existing Warrants”). Existing Warrants are purchased at their exercise price of $6.00 per share. In consideration of a quick job full of Guarantees Available for a profit of approx $15.0 millionthe exercising holder acquired in a private placement new unregistered warrants (the “New Warrants”) to purchase an aggregate of up to 2,200,000 shares of common stock at the exercise price $10.00 per share. The New Warrants will be exercisable upon issuance and will expire five and a half years from the date of issuance.

The total revenue is expected to be approx $20.0 millionexclusive of any earnings that may be earned by using the Common Warrants and before deducting placement agent fees and other expenses payable by the company.

Aegis Capital Corp. acts as a special agent for placing transactions. Orrick, Herrington & Sutcliffe LLP worked as a consultant to the Company as well Sichenzia Ross Fence Carmel LLP served as counsel to Aegis Capital Corp. in a private area.

The securities described above are sold on a private basis that are exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), and are not registered under the Act, or applicable federal securities laws. Accordingly, securities may not be assigned or sold the United States without an applicable registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to the registration rights agreement with the investor, the Company has agreed to file one or more registration statements with Securities and Exchange Commission (the “SEC“) including the resale of shares of Common Stock sold in the private placement and shares of Common Stock issued upon the exercise of pre-financing warrants and warrants sold in the private placement.

This press release will not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, and there will be no sale of these securities in any state or place where such offer, solicitation, or sale will take place. which is illegal prior to registration or eligibility under the securities laws of any state or territory.

About Working with Robots

Serve Robotics develops cutting-edge, AI-powered, low-emission robots that strive to make deliveries faster and more economical. Spinned off from Uber (NYSE: ) in 2021 as an independent company, Serve has completed tens of thousands of deliveries for business partners such as Uber Eats again 7-Eleven. Serve has growing multi-year contracts, including a signed agreement to deploy up to 2,000 robots Uber Eats a lot across the field In the US markets.

For more information about Serve Robotics (Nasdaq: SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.

Safe Harbor Forward-Looking Statements

This press release of Serve Robotics, Inc. contains “forward-looking statements”. Words such as “may”, “likely”, “likely”, “should”, “anticipate”, “anticipate”, “intend”, “plan”, “believe”, “want”, “estimates” and similar words. are intended to identify forward-looking statements. For example, the Company uses forward-looking statements when discussing its vision, strategy, and products. Forward-looking statements are not historical facts, and are based on management's current expectations, beliefs and estimates, many of which, by their nature, are inherently uncertain. Those expectations, beliefs and assumptions are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and assumptions will be realized, and actual results may differ materially from what is implied or implied 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 on which the statements are made. The Company undertakes no obligation to update forward-looking statements to reflect actual results, subsequent events or conditions, changes in assumptions or changes in other factors affecting the forward-looking statements except as required by applicable securities laws. If the Company revises one or more forward-looking statements, it should not be assumed that the Company will make additional revisions with respect to those or with respect to other forward-looking statements.

Contacts

Media

Miss ThelwellHead of Communications and Investor Relations
Serve the Robots
press@serverobotics.com

Investors
investor.relations@serverobotics.com