SAN
FRANCISCO, Aug. 27, 2024 /PRNewswire/ -- Serve
Robotics Inc. ("Serve" or "Company") (Nasdaq: SERV), a leading
autonomous sidewalk delivery company, announced today that the
Company has entered into a securities purchase agreement expected
to result in gross proceeds of approximately $20.0 million to the Company. The transaction is
expected to close on or about August 28,
2024, subject to satisfaction of customary closing
conditions.
The Company today announced that it has entered into a
securities purchase agreement with a single institutional investor
for the purchase and sale, in a private placement, of pre-funded
warrants to purchase 555,555 shares of the Company's common stock
(the "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 share (the "Common
Warrants"). Each pre-funded warrant to purchase one share of Common
Stock together with one Common Warrant to purchase one share of
Common Stock is being sold at a purchase price of $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 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"). The Existing Warrants are purchased at their exercise
price of $6.00 per share. In
consideration for the immediate exercise in full of the Existing
Warrants for gross cash proceeds of approximately $15.0 million, the exercising holder received in
a private placement new unregistered warrants (the "New Warrants")
to purchase up to an aggregate of 2,200,000 shares of common stock
with an exercise price of $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 gross proceeds are expected to be approximately
$20.0 million, excluding any proceeds
that may be received upon the exercise of the Common Warrants and
before deducting placement agent fees and other expenses payable by
the company.
Aegis Capital Corp. is acting as the exclusive placement
agent for the transaction. Orrick, Herrington & Sutcliffe LLP
served as counsel to the Company and Sichenzia Ross Ference Carmel
LLP served as counsel to Aegis Capital Corp. for the private
placement.
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 pursuant
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
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. 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.
For further 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", "will", "could",
"should", "expects", "anticipates", "intends", "plans", "believes",
"seeks", "estimates" and other comparable terminology are intended
to identify forward-looking statements. For example, the Company is
using forward-looking statements when it discusses its vision, its
strategy, and its products. 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. The Company 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 the Company does update
one or more forward-looking statement, no inference should be drawn
that the Company will make additional updates with respect thereto
or with respect to other forward-looking statements.
Contacts
Media
Aduke Thelwell
Head of Communications and Investor Relations
Serve Robotics
press@serverobotics.com
Investors
investor.relations@serverobotics.com
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SOURCE Serve Robotics Inc.