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Serve Robotics Inc. (NASDAQ: SERV), a pioneering company in the field of autonomous sidewalk delivery, has established itself as a leader in the industry by developing advanced, AI-powered, low-emissions delivery robots. Initially spun off from Uber in 2021, Serve Robotics has quickly made a name for itself, completing tens of thousands of deliveries for enterprise partners like Uber Eats and 7-Eleven. The company's mission is to make delivery sustainable and economical through innovative technology.
The company's recent achievements include a successful underwritten public offering of 10,000,000 shares of common stock at $4.00 per share, raising $40 million in gross proceeds. This offering saw participation from one of Serve's largest stockholders and strategic partners, Postmates, LLC, a subsidiary of Uber Technologies Inc. The company has also granted Aegis Capital Corp. an option to purchase up to 1,500,000 additional shares to cover over-allotments. The total gross proceeds could potentially reach $46 million.
Serve Robotics plans to utilize the proceeds for several strategic initiatives, including research and development of next-generation robots, manufacturing activities, geographic expansion, and general corporate purposes. The company’s common stock has been approved for listing on the Nasdaq Capital Market under the symbol SERV, marking a significant milestone in its growth trajectory.
Backed by notable investors such as Uber and NVIDIA, Serve Robotics is well-positioned for future growth. The company has scalable multi-year contracts and is set to deploy up to 2,000 delivery robots across multiple U.S. markets on the Uber Eats platform. Serve Robotics' business model focuses on leveraging AI technology to improve efficiency and sustainability in the delivery sector, aiming for a greener and more efficient future.
For more information, visit www.serverobotics.com or follow them on social media platforms like X (Twitter), Instagram, and LinkedIn @serverobotics.
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