Serve Robotics Announces $80 Million Registered Direct Offering of Common Stock

Core Points - Serve Robotics Inc. has entered into securities purchase agreements for the sale of 4,210,525 shares of common stock, expected to generate approximately $80.0 million in gross proceeds [1][2][3] - The offering is set to close on or about January 7, 2025, pending customary closing conditions [1] - Net proceeds from the offering will be used for general corporate purposes, including working capital [2] Company Overview - Serve Robotics develops AI-powered, low-emissions sidewalk delivery robots aimed at making delivery sustainable and economical [5] - The company was spun off from Uber in 2021 and has completed tens of thousands of deliveries for partners like Uber Eats and 7-Eleven [5] - Serve has multi-year contracts, including an agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets [5]