Stock Offering Announcement

Serve Robotics (NASDAQ: SERV) said Friday that it has entered into securities purchase agreements with institutional investors to sell 6.25 million shares of its common stock in a registered direct offering.

Gross proceeds: Approximately $100 million
Purpose: To fund general corporate operations and working capital needs
Offering structure: Registered direct, implying shares are being sold directly to select investors rather than via a public follow-on offering

Market Reaction

Following the announcement, SERV shares dropped more than 7% in premarket trading, as investors reacted to potential dilution from the share sale.

The company did not disclose the offering price or the participating institutions but noted the sale is being made under its existing shelf registration.

About Serve Robotics

Serve Robotics designs and operates autonomous sidewalk delivery robots, primarily used by food delivery platforms and retail partners. The company continues to invest in AI navigation systems, fleet expansion, and market rollouts in major U.S. cities.