Serve Robotics Inc., a company specializing in autonomous sidewalk delivery, recently announced it has set the price of its public offering at $4.00 per share, issuing 10 million shares. This would equate to a total income of $40 million before any deductions concerning underwriting discounts and offering expenses are accounted for.
A major player participating in this offering is Postmates, LLC, a fully owned subsidiary of Uber Technologies Inc and one of Serve Robotics' strategic partners and significant shareholders.
The company has also disclosed that, in association with this offering, its common stock has received approval for listing on the Nasdaq Capital Market. This will initiate under the symbol "SERV," commencing from April 18, 2024. The company which was previously listed on the OTCQB Venture Market under "SBOT", will cease trading on that platform.
Furthermore, Serve Robotics has provided Aegis Capital Corp. with a 45-day option to buy up to an additional 1.50 million shares of common stock. This represents 15% of the number of shares offered in this sale, designed to cover any over-allotments that may occur.
Should Aegis utilize this option fully, the total income from this stock offering, including the over-allotment, is forecasted to hit roughly $46 million before any deductions from underwriting discounts, commissions, and offering expenses. The offering is anticipated to close on or around April 22, 2024.
Serve Robotics has expressed its intention to use the funds yielded from this offering toward the development of their future generation of robots, manufacturing processes, geographical expansion, and to boost working capital for other commons corporate purposes.
