13 October 2025 | News
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Serve Robotics Inc. ("Serve" or the "Company") (Nasdaq: SERV), a leading autonomous sidewalk delivery company, announced today that the Company has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 6,250,000 shares of common stock, pursuant to a registered direct offering, expected to result in gross proceeds of approximately $100.0 million, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about October 14, 2025, subject to the satisfaction of customary closing conditions.
The Company intends to use net proceeds from the offering for general corporate purposes, including working capital.
Northland Capital Markets acted as the sole placement agent for the transaction. Oppenheimer & Co. Inc. and Wedbush Securities Inc. are serving as capital markets advisors to the Company.
The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-285614), which was declared effective by the Securities and Exchange Commission (the “SEC”) on March 14, 2025. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.
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.
