abrooklyn
4 days ago
https://investors.serverobotics.com/news-releases/news-release-details/serve-robotics-announces-pricing-150-million-private-placement
Serve Robotics Announces Pricing of $15.0 Million Private Placement
July 23, 2024
PDF Version
SAN FRANCISCO, July 23, 2024 /PRNewswire/ -- Serve Robotics Inc. ("Serve") (Nasdaq: SERV), a leading autonomous delivery robotics 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 2,500,000 shares of Serve's common stock (the "Common Stock"), together with a 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 $6.00 warrant to purchase one share of Common Stock is being sold at a purchase price of $6.00. The $6.00 warrants will have, will be exercisable upon issuance, and will expire five and a half years from the date of issuance.
Aegis Capital Corp. is acting 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. for the private placement.
The offering is expected to close on or about July 24, 2024, subject to satisfaction of customary closing conditions. The gross proceeds to Serve Robotics from this offering are expected to be 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 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
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. 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. 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
Aduke Thelwell
Head of Communications
Serve Robotics
aduke.thelwell@serverobotics.com
347.464.8510
CORE IR
investor.relations@serverobotics.com
Cision View original content:https://www.prnewswire.com/news-releases/serve-robotics-announces-pricing-of-15-0-million-private-placement-302204027.html
SOURCE Serve Robotics Inc.
abrooklyn
1 week ago
Form SC 13G - Statement of Beneficial Ownership by Certain Investors
Source: Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Serve Robotics Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
81758H 106
(CUSIP Number)
July 31, 2023
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
?
?
?
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 81758H 106
1.
Names of Reporting Persons
NVIDIA Corporation
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ? (b) ?
3. SEC Use Only 4.
Citizenship or Place of Organization
Delaware
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
5.
Sole Voting Power
3,727,033
6.
Shared Voting Power
0
7.
Sole Dispositive Power
3,727,033
8.
Shared Dispositive Power
0
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
3,727,033
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ?
11.
Percent of Class Represented by Amount in Row (9)
10.0% (1)
12.
Type of Reporting Person (See Instructions)
CO
(1) This percentage is calculated based upon 37,098,653 shares of common stock, $0.0001 par value per share, of Serve Robotics Inc. (the “Issuer”) issued and outstanding as of May 31, 2024, as disclosed in the Issuer’s prospectus filed pursuant to Rule 424(b)(3) (File No. 333-280071) with the Securities and Exchange Commission on July 8, 2024.
2 Explanatory Note
On July 31, 2023, Patricia Acquisition Corp., a special purpose acquisition corporation, and Serve Acquisition Corp., a wholly-owned subsidiary of Patricia Acquisition Corp., consummated a business combination with Serve Robotics Inc. through the merger of Serve Acquisition Corp. with and into Serve Robotics Inc., with Serve Robotics Inc. surviving the merger (the “Business Combination”). Upon the closing of the Business Combination, Patricia Acquisition Corp. changed its name to Serve Robotics Inc. (the “Issuer”). Immediately following the closing of the Business Combination, NVIDIA Corporation beneficially owned 2,676,904 shares of common stock, $0.0001 par value per share (“Common Stock”), of the Issuer, which included 62,500 shares of Common Stock purchased by NVIDIA Corporation in a concurrent private placement by the Issuer. On January 2, 2024, the Issuer issued NVIDIA Corporation a convertible promissory note which was subsequently converted into 1,050,129 shares of Common Stock on April 22, 2024.
Item 1.
(a)
Name of Issuer
Serve Robotics Inc.
(b)
Address of Issuer’s Principal Executive Offices
730 Broadway, Redwood City, California 94063
Item 2. (a)
Name of Person Filing
NVIDIA Corporation
(b)
Address of Principal Business Office or, if none, Residence
2788 San Tomas Expressway, Santa Clara, California 95051
(c)
Citizenship
Delaware
(d)
Title of Class of Securities
Common Stock, $0.0001 par value per share
(e)
CUSIP Number
81758H 106
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: Not applicable. Item 4. Ownership
Provide the following information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1.
(a)
Amount beneficially owned:
See Row 9 of cover page for the Reporting Person
(b)
Percent of class:
See Row 11 of cover page for the Reporting Person
(c) Number of shares as to which the person has: (i)
Sole power to vote or to direct the vote:
See Row 5 of cover page for the Reporting Person.
3 (ii)
Shared power to vote or to direct the vote:
See Row 6 of cover page for the Reporting Person.
(iii)
Sole power to dispose or to direct the disposition of:
See Row 7 of cover page for the Reporting Person.
(iv)
Shared power to dispose or to direct the disposition of:
See Row 8 of cover page for the Reporting Person.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o.
Item 6. Ownership of More than Five Percent on Behalf of Another Person Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person Not applicable. Item 8. Identification and Classification of Members of the Group Not applicable. Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certifications By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
4 Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 18, 2024
NVIDIA Corporation By: /s/ Rebecca Peters
Name: Rebecca Peters
Title: Vice President, Deputy General Counsel and Assistant Secretary
abrooklyn
2 months ago
Serve Robotics Announces First Quarter 2024 Results and Provides Corporate Update
Source: PR Newswire (US)
Revenue of $0.95 million; 124% sequential growth in delivery and branding revenue
Signed agreement with Magna International for a long-term licensing partnership and exclusive contract manufacturing of Serve robots
Post quarter-end, successfully uplisted to the Nasdaq Capital Market with concurrent $40 million equity offering
Continued focus on deploying 2,000 robots under Uber Eats contract
SAN FRANCISCO, May 15, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve") (Nasdaq:SERV), a leading autonomous sidewalk delivery company, today announced financial results for the three months ended March 31, 2024 and provided a corporate update.
Serve Robotics logo (PRNewsfoto/Serve Robotics Inc.)
"The Company delivered improvements in our operational key metrics and fundamentals, including a 97% increase in daily supply hours and a 70% increase in daily active robots, when compared to the first quarter of last year. These improvements were achieved while our costs to service delivery and branding revenue remained steady. This is a testament to our employees' execution on Serve's mission to reduce the cost of last-mile transportation, and highlight our dedication to scaling our operations infrastructure. Our core technology continues to be validated by our partners, as evidenced through our recent agreements with Magna International, and we continue to see strong demand for our robots to be deployed into existing and new markets. We are also very excited to continue our growth through the completion of our $40 million underwritten public offering, supported by our strategic investors Uber and Nvidia, and our recent listing on Nasdaq," said Ali Kashani, Serve's Cofounder and CEO. "We look forward to executing on the milestones within our strategic plan, which we intend to provide to stockholders in the coming months."
Serve's near-term strategic focus remains executing its plan to develop, manufacture, and deploy a fleet of 2,000 autonomous robots on the Uber Eats platform through 2025. The proceeds from the Company's underwritten public offering in April 2024 allowed Serve to unlock procurement commitments, initiate final design-for-manufacturing reviews, and conduct further validation testing in advance of full-scale commercial production.
Serve's long-term vision remains to deploy robots in adjacent delivery and transportation verticals within multiple markets.
First Quarter 2024 and Recent Highlights
Public Market Debut: The Company commenced listing on the OTCQB on March 7, 2024. Following the end of our first quarter, the Company completed an uplisting to the Nasdaq Capital Market, and began trading on the Nasdaq Capital Market under the ticker symbol "SERV" on April 18, 2024. This uplisting enabled the completion of a public equity offering generating $40.0 million in gross proceeds.
Strategic Investments: Participation in the offering included $4.5 million of new investment from one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER). Long-term technology partner NVIDIA (Nasdaq: NVDA) also participated in a $2.5 million investment round closed on January 2, 2024.
Operational Performance: Serve averaged 300 daily supply hours during the first quarter 2024, a 97% increase compared to first quarter 2023, and a 15% increase compared to fourth quarter 2023. The Company also achieved a 70% increase in daily active robots for the first quarter 2024 compared to first quarter 2023, and 15% increase compared to fourth quarter 2023.
Magna Collaboration: Serve entered into a Master Services Agreement ("MSA") with Magna International Inc. ("Magna") (TSX: MG; NYSE: MGA), one of the world's largest automotive suppliers. Included in the MSA was both a statement of work for services to be provided by Serve, and a licensing agreement in which the Company licensed its autonomous technology software to accelerate Magna's development into new products within the robotics and logistics space.
Manufacturing: On April 24, 2024, the Magna MSA was expanded through the establishment of a new production and purchase agreement wherein Magna became the exclusive contract manufacturer of Serve's delivery robots.
First Quarter Financial Highlights
First quarter revenue was $0.95 million including $0.85 million in software service revenue derived from the Company's agreement with Magna. The Company expects to recognize the remaining $0.35 million in the second quarter 2024.
As of March 31, 2024, the Company had $0.43 million of cash and cash equivalents. As of April 30, 2024, the Company had approximately $34.2 million of cash and cash equivalents, after including proceeds from its April 2024 public offering.
As of March 31, 2024, the Company had 24.6 million shares of common stock outstanding. As of May 13, 2024, following the share issuance from the Company's April 2024 public offering, the Company had 37.1 million shares of common stock outstanding, and 42.2 million shares on a fully diluted basis.
Supplemental Financial Information
The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company's ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company's presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Table 1: Key Metrics
Three Months Ended
March 31,
2024
2023
Key Metrics
(Unaudited)
(Unaudited)
Daily Active Robots (1)
39
23
Daily Supply Hours (2)
300
152
(1)
Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily deliveries during the period.
(2)
Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company's robots are ready to accept offers and perform daily deliveries during the period.
Forward Looking Statements
This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words "believes," "plans," "intends," "targets," "may," "could," "should," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. These statements are not historical facts or guarantees of future performance but represent management's belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's partnership with Magna, timing of the Company's robot deployment, the Company's ability to expand to additional markets, and the Company's timing and ability to scale to commercial production.
The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations'' in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the three months ended March 31, 2024 that will be filed following this earnings release, and in our subsequent SEC filings. We can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
abrooklyn
3 months ago
Serve Robotics Enters Production Agreement with Magna to Scale Robot Manufacturing
Source: PR Newswire (US)
Serve to rely on Magna's manufacturing expertise to scale its fleet to up to 2,000 robots for Uber Eats and for geographic expansion
Magna has been licensing Serve's technology to support development of new robotic products
SAN FRANCISCO, April 24, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve") (NASDAQ:SERV), a leading autonomous sidewalk delivery company, today announced an expansion of their existing agreement with Magna International Inc. ("Magna") (TSX: MG; NYSE: MGA), one of the world's largest automotive suppliers, to accelerate the adoption of robotics in logistics. Under the terms of a new production and purchase agreement effective April 24, Magna will become the exclusive contract manufacturer of Serve's delivery robots, supporting Serve's plan to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets.
Serve Robotics logo
This new agreement extends the partnership established by a previously disclosed licensing agreement effective February 20, 2024, under which Serve granted Magna a non-exclusive license to its market-leading technologies and expertise, enabling Magna to further develop new products in the robotics and logistics space.
"Serve is a leader in creating robots that navigate complex human environments. Following our successful public offering, we are excited to start working to scale our robotic fleet with Magna's world-class manufacturing capabilities. This collaboration supports the natural progression of our business beyond food delivery and positions our proprietary robotics technology as a platform upon which new robots can be built. Magna is a valuable partner in this effort," said Ali Kashani, CEO of Serve Robotics.
"Magna is excited to continue collaborating with Serve, leveraging our manufacturing and technical expertise to help fuel Serve's growth potential," said Matteo Del Sorbo, Executive Vice President of Magna, responsible for New Mobility globally.
About Serve Robotics
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. 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.
Serve Contact
Aduke Thelwell
Head of Communications & Investor Relations
Serve Robotics
aduke.thelwell@serverobotics.com
347-464-8510
Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/serve-robotics-enters-production-agreement-with-magna-to-scale-robot-manufacturing-302125462.html
SOURCE Serve Robotics Inc.
Copyright 2024 PR Newswire
Mr. Zen
3 months ago
SAN FRANCISCO, April 22, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve"), a leading autonomous sidewalk delivery company, today announced the closing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The offering included the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER).
In addition, Serve has granted Aegis Capital Corp. ("Aegis") a 45-day option to purchase up to 1,500,000 additional shares of common stock, equal to 15% of the number of shares sold in the offering solely to cover over-allotments, if any. If Aegis exercises the option in full, the total gross proceeds of the offering including the overallotment would be approximately $46 million before deducting underwriting discounts and commissions and offering expenses.
Serve plans to use the net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.
Serve's common stock is listed on the Nasdaq Capital Market under the symbol "SERV". Serve was previously listed on the OTCQB® Venture Market under the ticker symbol "SBOT" and will no longer trade on that market.
Aegis Capital Corp. is acting as the sole book-running manager for the offering. Orrick, Herrington & Sutcliffe LLP is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis Capital Corp.
abrooklyn
3 months ago
https://techcrunch.com/2024/04/18/uber-nvidia-backed-serve-robotics-hits-public-markets-with-40m-splash/
Uber, Nvidia-backed Serve Robotics hits public markets with $40M splash
Rebecca Bellan@rebeccabellan / 10:26 AM EDT•April 18, 2024
Comment
A Serve Robotics autonomous delivery robot, which utilizes AI and is emissions-free, crosses a crosswalk in West Hollywood
Image Credits: Mario Tama / Getty Images
Serve Robotics, the Uber and Nvidia-backed sidewalk robot delivery company, debuted publicly on the stock exchange Thursday, making it the latest startup to choose going public via a reverse merger as an alternative path to capital needed to fund growth.
The company, which spun out of Uber’s acquisition of Postmates in 2021, hits the Nasdaq under the ticker “SERV” with gross proceeds of roughly $40 million — “prior to deducting underwriting discounts and offering expenses,” per regulatory filings — at a share price of $4.
Serve completed its reverse merger with blank-check company Patricia Acquisition Corp. in August 2023, and at the same time secured $30 million in a round led by existing investors Uber, Nvidia and Wavemaker Partners, bringing its total amount raised at the time to $56 million. While Serve’s debut in the public markets comes from a reverse merger and not a SPAC, the two alternate paths to IPO are not too dissimilar. They both provide startups with a faster route to public markets. However, pulling this particular financial lever has its risks, especially if the company is pre-revenue or bringing in very little revenue. We need look no further than the countless fallen autonomous vehicle and electric vehicle companies to determine that this is not a golden ticket to longevity or profitability.
Like any publicly traded company, this path does require financial disclosures that provides information on revenue and profits or losses.
Serve brought in $207,545 in revenue last year, up from $107,819 in 2022, per regulatory filings. That’s at a loss of $1.5 million in 2023 and $1.04 million in 2022. However, Serve Robotics said it’s expecting enormous growth fueled by money generated by going public. Those funds will go toward funding R&D for future generations of robots, manufacturing activities, geographic expansion and general working capital and corporate purposes.
The startup also has some big revenue ambitions. Serve said it aims to generate between $60 million and $80 million in annual revenue, with contribution margins of over 50% and positive cash flow by the end of 2025. The company pointed to recent momentum, including its 25% month-over-month increase in deliveries since 2022 when the startup started delivering for Uber Eats.
Future growth will come from scaling the 100 robots deployed today in Los Angeles to up to 2,000 robots in multiple U.S. cities by the end of next year through a contract with Uber Eats. Serve has also enlisted Magna International as a manufacturing partner. Currently, Serve handles 300 restaurants via the Uber Eats and 7-Eleven platform in LA, but has its eyes on Dallas, San Diego and Vancouver, Canada, according to CEO Ali Kashani.
Serve projects that a big portion of its revenue will come from ads, Kashani told TechCrunch.
“I never thought that I would start a robotics company and then be in the ads business,” said a tired, but excited, Kashani in a phone interview minutes before the bell rang. It’s normal for companies to barely sleep before making their public debut out of a need to finalize all the financials and pure adrenaline. “But it’s great because this can help offset the delivery costs, so everybody wins.”
Kashani said Serve has had a lot of inbound interest for ads on its cute little sidewalk robots. On an annual basis, ad revenue can generate 25% to 50% of Serve’s total revenue, he said.
That’s one of the value propositions Serve has pitched to investors. Serve also says it can tap the rapid progress in AI and robotics to help reduce reliance on cars, because who needs something as small as a burrito delivered in a sedan anyway?
“The tailwind here is that these robots are a lot more scalable than a lot of the alternative approaches we have,” said Kashani. “If you look at a car, it has about 3,000 times more kinetic energy than one of our robots, so just by nature, these are safer… for pedestrians, bikers for everybody else, and I think that’s definitely recognized when we talk to cities. So there’s a lot of regulatory momentum, but you also have the fact that there is a shortage of labor. You can see companies in the delivery space are still not necessarily profitable, and they’re looking for ways to bring some mix of automation into their fleets. So we see a lot of interest in the solution that we’re providing.”
Serve’s robots operate at Level 4 autonomy, meaning they can operate autonomously within certain boundaries and conditions. However, Serve still relies on remote human operators to supervise operations in certain scenarios, like at intersections or if something unexpected happens.
The company’s offering is expected to close around April 22. Serve’s gross proceeds from the offering could hit about $46 million, according to Kashani, if Aegis Capital Corp., the deal’s underwriter, takes the company up on its 45-day option to buy up to 150,000 additional shares of common stock, or about 15% of the number of shares sold, to cover any over-allotments.
Upon the closing of the merger, Uber held a 16.6% stake and Nvidia a 14.3% stake in Serve, according to regulatory filings. An April filing shows that stake will change to 11.5% and 10.1%, respectively, once the offering closes, but a Serve spokesperson caveated that those percentages may change given the $4 opening share price.
Sarfraz Maredia, Uber’s vice president of delivery and head of its Americas region, has joined Serve’s board.
Serve Robotics started its life as Postmates X, the robotics division of on-demand delivery company Postmates. The autonomous sidewalk robots started delivering to Postmates customers in multiple Los Angeles neighborhoods in 2018. It started a commercial service in 2020.
Uber acquired Postmates in late 2020 for $2.65 billion. Three months later, Postmates X spun out as an independent company called Serve Robotics. The new name was taken from the autonomous sidewalk delivery bot that was developed and piloted by Postmates
abrooklyn
3 months ago
Serve Robotics Inc. Announces Pricing of $40 Million Public Offering and Uplisting to the Nasdaq Capital Market Under New Ticker "SERV"
https://www.prnewswire.com/news-releases/serve-robotics-inc-announces-pricing-of-40-million-public-offering-and-uplisting-to-the-nasdaq-capital-market-under-new-ticker-serv-302120326.html
SAN FRANCISCO, April 17, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve"), a leading autonomous sidewalk delivery company, today announced the pricing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The offering includes the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER).
Serve plans to use net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.
Serve also announced that, in connection with the offering, its common stock has been approved for listing and will begin trading on the Nasdaq Capital Market under the symbol "SERV" on April 18, 2024. Serve was previously listed on the OTCQB® Venture Market under the ticker symbol "SBOT" and will no longer trade on that market."
Aegis Capital Corp. is acting as the sole book-running manager for the offering. Orrick, Herrington & Sutcliffe LLP is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis Capital Corp.
A registration statement on Form S-1 (No. 333-277809) relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the "SEC") on April 17, 2024. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at syndicate @RAREBREED.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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 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 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.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Serve intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about future events, including statements regarding Serve's intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Serve's expectations with respect to the financial and operating performance of its business, its capital position, and future growth. The words "anticipate", "believe", "expect", "project", "predict", "will", "forecast", "estimate", "likely", "intend", "outlook", "should", "could", "may", "target", "plan" and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in Serve's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (the "SEC") and in its subsequent filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Serve undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Media:
Aduke Thelwell
Head of Investor Relations & Communications
Serve Robotics Inc.
aduke.thelwell@serverobotics.com
347-464-8510
Investors:
CORE IR
investor.relations@serverobotics.com
SOURCE Serve Robotics Inc.
momentum74
14 years ago
Servidyne to Provide Demand Response Services for the Nation’s Largest Municipally-Owned Electric Utility
Date : 05/26/2010 @ 2:07PM
Source : Business Wire
Stock : Servidyne, Inc. (SERV)
Quote : 3.22 0.38 (13.38%) @ 7:22AM
Servidyne to Provide Demand Response Services for the Nation’s Largest Municipally-Owned Electric Utility
SERVIDYNE, INC. (Nasdaq: SERV), an energy efficiency and demand response company, today announced that it has secured an exclusive two-year demand response services contract with San Antonio, Texas-based CPS Energy, the largest municipally-owned electric utility in the United States.
Servidyne’s Fifth Fuel Management™ team will partner with CPS Energy’s account executives and program managers to implement the demand response program, and will help educate and prepare the utility’s end-use customers to participate in the voluntary energy curtailment program. Servidyne will commence work this month by performing initial on-site energy audits at customer facilities to identify and prioritize available demand response opportunities.
“Servidyne’s Inside the Skin™ energy efficiency expertise will enable these buildings to seamlessly shed electric loads on very hot summer days, resulting in significant reductions in CPS Energy’s peak load growth,” noted Jim Josephson, Servidyne’s Vice President of Sales of Fifth Fuel Management. “This will create a win-win scenario for CPS Energy and its customers, because the resulting energy and cost savings will accrue to both parties. We are gratified to be recognized by CPS Energy as a proven provider of these services, and we are eager to assist them in achieving their demand response goals.”
CPS Energy’s demand response program is part of the utility’s Save for Tomorrow Energy Plan (STEP), which has a goal to reduce growth in demand by 771 megawatts, or the equivalent production capacity of a large electrical generating unit, by 2020.
During the demand response season (June 1 to September 30), each participating CPS Energy customer will be compensated for modifying usage of energy-consuming building assets during peak energy events, when called upon by the utility to temporarily reduce electric consumption. Josephson said he expects that each year, Servidyne will enable at least 20 to 25 CPS Energy customers to participate in the program.
“As more of our customers become aware of the potential cost savings and benefits of this program, we anticipate that the number of participating customer facilities will grow substantially,” said Bruce Evans, Director, Customer Solutions Delivery at CPS Energy. “We are confident in Servidyne’s ability to mobilize to meet the needs of these additional customers and to help us meet our stated load reduction objectives.”
Servidyne’s Fifth Fuel Management is designed to provide technology-enabled real-time demand response capabilities to operators of large, complex buildings, like office towers, manufacturing facilities, hospitals, universities and hotels. The Fifth Fuel Management system is built upon two core competencies: Servidyne’s award-winning engineering practice focused on energy conversion and delivery on the load side of the utility meter, and the Company’s propriety software-as-a-service iTendant® platform, a Web-based, computerized maintenance management system (CMMS) hosted in a Tier I data center, which provides the reliable two-way, fast and secure communication and tracking platform needed for demand response.
About CPS Energy
CPS Energy is the nation's largest municipally owned energy company providing both natural gas and electric service. Acquired by the City of San Antonio in 1942, the company serves 707,000 electric customers and 322,000 natural gas customers in and around America's seventh-largest city. CPS Energy has achieved the highest financial ratings of any electric system in the U. S., stands number one in wind-energy capacity among municipally owned utilities across the country, and ranks number one in Texas in solar-generated electricity under contract.
About Servidyne
Established in 1925, Servidyne, Inc. is headquartered in Atlanta, Georgia, and operates globally through its wholly–owned subsidiaries. The Company provides comprehensive energy efficiency and demand response solutions, sustainability programs, and other products and services that significantly enhance the operating and financial performance of existing buildings. Servidyne enables its customers to cut energy consumption and realize immediate cost savings across their portfolios, while reducing greenhouse gas emissions and improving the comfort and satisfaction of their buildings' occupants. The Company serves a broad range of markets in the United States and internationally, including owners and operators of corporate, commercial office, hospitality, gaming, retail, light industrial, distribution, healthcare, government, multi-family and education facilities, as well as energy services companies and public and private utilities. Servidyne also owns commercial income-producing properties in the Southeast. For more information, please visit www.servidyne.com, www.fifthfuelmanagement.com, or call 770-953-0304 begin_of_the_skype_highlighting 770-953-0304 end_of_the_skype_highlighting.
Certain statements contained in this news release are forward-looking statements within the meaning of federal securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other matters, including the risks and uncertainties set forth under the heading “Risk Factors” in the Company’s periodic reports filed with the Securities and Exchange Commission, any of which may cause the actual results, performance or achievements of Servidyne, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward-looking statements. Without limitation, statements in this press release that are forward-looking include the Company’s expectation of starting energy audit work this month to identify and prioritize available customer demand response opportunities, the Company’s expectation that its Inside the Skin™ energy efficiency expertise will enable customer buildings to seamlessly shed electric loads on peak demand days, the Company’s belief that demand response will create a win-win scenario for the utility and its customers, the Company’s belief that during the demand response season, each participating customer will be compensated for reducing consumption of electricity when requested, and the Company’s expectation that at least 20 to 25 CPS Energy customers will participate annually in the demand response program. Servidyne, Inc. does not undertake to
momentum74
14 years ago
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ShortSqueeze.com TM Proprietary Data
[ Data Sample ]
Wednesday May 26, 2010 20 Min Delayed
Short Quote™
Enter Symbol:
Servidyne Incorporated $ 2.84
SERV -0.06
Short Interest (Shares Short) 41,200
Days To Cover (Short Interest Ratio) 2.8
Short Percent of Float 2.45 %
Short Interest - Prior 41,600
Short % Increase / Decrease -0.24 %
Short Squeeze Ranking™ 4
% From 52-Wk High ($ 7.24 ) -60.77 %
% From 52-Wk Low ($ 1.53 ) 85.62 %
% From 200-Day MA ($ 2.25 ) 26.22 %
% From 50-Day MA ($ 3.03 ) -6.27 %
Price % Change (52-Week) 55.19 %
Shares Float 1,700,000
Total Shares Outstanding 3,676,083
% Owned by Insiders 53.42 %
% Owned by Institutions 16.60 %
Market Cap. $ 10,072,467
Trading Volume - Today 0
Trading Volume - Average 15,000
Trading Volume - Today vs. Average 0.00 %
Earnings Per Share -0.98
PE Ratio
Record Date 2010-MayB
Sector Industrial Goods
Industry Heavy Construction
Exchange NAS
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