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Serve Robotics Inc. (NASDAQ: SERV) is at the forefront of the autonomous delivery revolution, focusing on developing next-generation robots for last-mile delivery services. Founded in 2021 as a spin-off from Uber, Serve Robotics has quickly established itself as a leader in this burgeoning industry.
Serve Robotics' primary product is a zero-emission robot designed for public spaces, aiming to make deliveries more sustainable and economical. The company's advanced AI-robotics mobility platform underpins this innovation, which has already facilitated tens of thousands of deliveries for enterprise partners like Uber Eats and 7-Eleven.
The company recently announced the pricing of its public offering, raising $40 million with the participation of strategic partners such as Postmates, a subsidiary of Uber Technologies Inc. This capital injection will fund research and development, manufacturing activities, and geographic expansion.
Partnerships play a crucial role in Serve Robotics' strategy. A notable collaboration with Magna International Inc. has been established to accelerate robotics adoption in logistics, with Magna becoming the exclusive contract manufacturer of Serve's delivery robots. Additionally, Serve has integrated DriveU.auto's connectivity platform, enhancing the performance and resilience of its robotic fleet.
Serve Robotics' financial stability is bolstered by scalable multi-year contracts, including an agreement to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets. The company's stock began trading on the Nasdaq Capital Market under the symbol “SERV” on April 18, 2024, reflecting its growth and market potential.
For more information, visit www.serverobotics.com or follow the company on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.
Serve Robotics Inc. (Nasdaq: SERV), a leading autonomous sidewalk delivery company, has announced a private placement and warrant exercise expected to generate $20 million in gross proceeds. The transaction includes:
1. A private placement of pre-funded warrants for 555,555 shares and warrants for 555,555 shares at $10 per share, sold at $9 each.
2. Exercise of existing warrants for 2,500,000 shares at $6 per share, with new warrants for 2,200,000 shares at $10 per share issued as consideration.
The deal is set to close on August 28, 2024, subject to conditions. Aegis Capital Corp. is the exclusive placement agent. The securities are being sold in a private placement exempt from SEC registration requirements.
Serve Robotics (NASDAQ: SERV) and Shake Shack (NYSE: SHAK) have partnered to offer autonomous robot delivery via Uber Eats in select Los Angeles areas. This collaboration marks Serve's progress towards deploying 2,000 AI-powered sidewalk delivery robots on the Uber platform by 2025. Serve's robots, which have been operating on Uber Eats since 2022, offer quick, convenient, and contactless delivery with advanced features including:
- Efficient route planning
- Secure food transit
- Cost-effective operations
- Safe navigation using GPS and AI
- Eco-friendly, all-electric design
This partnership aims to enhance guest experiences and expand Serve's geographic footprint while providing an innovative, affordable, and reliable delivery option for customers.
Serve Robotics Inc. (NASDAQ: SERV) reported strong Q2 2024 results, highlighting 106% year-over-year growth in daily supply hours and 85% increase in daily active robots. The company raised $40 million through a public offering and an additional $15 million in a post-quarter private placement. Serve expanded operations into Koreatown, Los Angeles, and commenced manufacturing activities for its 2,000-robot fleet following agreements with Magna and Ouster. Q2 revenue was $0.47 million, including $0.30 million from software services. The company aims to deploy 250 additional robots in Los Angeles by Q1 2025, with plans to reach full deployment of 2,000 robots under the Uber Eats agreement, potentially generating $60-$80 million in annual run-rate revenue.
Serve Robotics (Nasdaq: SERV), a leading autonomous sidewalk delivery company, has announced its participation in the upcoming Sidoti Micro Cap Conference on August 14th, 2024. The company's management will deliver a presentation and participate in a fireside chat interview during the virtual event.
Key details of the presentation include:
- Date: Wednesday, August 14th, 2024
- Time: 9:15 a.m. - 9:45 a.m. Pacific Time
- Location: Virtual event
The presentation will be streamed live on Serve Robotics' IR website, with a webcast replay available for 90 days following the event. This participation provides an opportunity for investors to gain insights into the company's operations and future prospects in the autonomous delivery sector.
Serve Robotics (Nasdaq: SERV), a leading autonomous sidewalk delivery company, has announced the release date for its second quarter 2024 financial results. The company will disclose its financial performance for the quarter ended June 30, 2024, after U.S. markets close on Tuesday, August 13, 2024. Following the release, Serve Robotics will host a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results and provide a corporate update.
Investors and analysts can access the live webcast and replay from the company's investor relations page. Those interested in participating in the conference call can dial (646) 968-2525 and use the conference ID#: 1640108. Questions for management must be submitted via email to investor.relations@serverobotics.com by 1:00 p.m. PT on Monday, August 12, 2024.
Serve Robotics (Nasdaq: SERV), a leading autonomous sidewalk delivery company, has announced key changes to its Board of Directors following the 2024 Annual Meeting of Stockholders. David Goldberg, a finance executive with over 20 years of experience, has been appointed to the Board. Currently a Vice President at Magna International, Goldberg brings expertise from the automotive, mobility, and finance sectors.
Additionally, Sarfraz Maredia, an Uber Technologies executive, has been reappointed to the Board for a three-year term. Maredia, who has served since July 2023, leads Uber Eats' marketplace business across the Americas. Chairman Ali Kashani expressed confidence that their insights and perspectives will be valuable in driving the company's growth and future direction.
Serve Robotics Inc. (Nasdaq: SERV), a leading autonomous delivery robotics company, has closed a $15 million private placement with a single institutional investor. The offering includes:
1. Pre-funded warrants to purchase 2,500,000 shares of common stock
2. Warrants to purchase up to 2,500,000 shares of common stock at $6.00 per share
3. Each pre-funded warrant and warrant combo sold at $6.00
The warrants are exercisable immediately and expire in 5.5 years. Aegis Capital Corp. acted as the exclusive placement agent. The company plans to file registration statements with the SEC for the resale of the shares.
Serve Robotics Inc. (Nasdaq: SERV), a leading autonomous delivery robotics company, has announced a $15.0 million private placement with a single institutional investor. The deal involves the sale of pre-funded warrants to purchase 2,500,000 shares of common stock, along with warrants to purchase an additional 2,500,000 shares at an exercise price of $6.00 per share. Each pre-funded warrant and $6.00 warrant combination is priced at $6.00. The $6.00 warrants will be exercisable upon issuance and expire after five and a half years.
The offering is expected to close around July 24, 2024, subject to customary closing conditions. Aegis Capital Corp. is acting as the exclusive placement agent. The company plans to file registration statements with the SEC for the resale of the shares involved in this private placement.
Serve Robotics announced the expansion of its delivery operations into Koreatown, Los Angeles, and an extended lidar supply agreement with Ouster. This move is part of Serve's plan to broaden its geographic reach and scale its robotic fleet. Serve will equip 2,000 robots with upgraded lidar hardware by 2025, enhancing their performance and safety. The expanded lidar supply agreement with Ouster will provide next-generation sensors, improving the robots' safety, speed, and cost-effectiveness. Serve's collaboration with Uber Eats and local stakeholders aims to bring autonomous delivery to more customers in Los Angeles.
Serve Robotics (Nasdaq:SERV) has appointed Euan Abraham as Chief Hardware & Manufacturing Officer. Abraham, who joined Serve in January 2022, previously served as Senior Vice President of Hardware Engineering. In his new role, he will oversee the development of Serve's next-generation robots and drive manufacturing efforts.
CEO Dr. Ali Kashani highlighted Abraham's significant contributions and his role in Serve's goal to deploy up to 2,000 robots across the U.S. Abraham brings over two decades of experience, including senior roles at Latch, GoPro, Otto, and Apple. His expertise in hardware design is expected to further Serve's leadership in product design, safety, and reliability.
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