Serve Robotics Announces Closing of $20 Million Private Placement & Warrant Exercise
Serve Robotics Inc. (Nasdaq: SERV), a leading autonomous sidewalk delivery company, has closed a $20 million private placement and warrant exercise. The transaction includes:
1. A private placement with an institutional investor for pre-funded warrants to purchase 555,555 shares at $9.00 each, along with warrants to purchase 555,555 shares at $10.00 each.
2. Exercise of existing warrants by an institutional investor to purchase 2,500,000 shares at $6.00 each, generating $15 million in gross proceeds. In return, the investor received new warrants to purchase 2,200,000 shares at $10.00 each.
The warrants have a 5.5-year expiration. Aegis Capital Corp. acted as the exclusive placement agent. The securities were sold in a private placement exempt from SEC registration requirements.
Serve Robotics Inc. (Nasdaq: SERV), una delle principali aziende di consegna autonoma su marciapiede, ha concluso un collocamento privato di 20 milioni di dollari e l'esercizio di warrant. L'operazione include:
1. Un collocamento privato con un investitore istituzionale per warrant prefinanziati per l'acquisto di 555.555 azioni a 9,00 dollari ciascuna, insieme a warrant per l'acquisto di 555.555 azioni a 10,00 dollari ciascuna.
2. Esercizio di warrant esistenti da parte di un investitore istituzionale per l'acquisto di 2.500.000 azioni a 6,00 dollari ciascuna, generando 15 milioni di dollari in proventi lordi. In cambio, l'investitore ha ricevuto nuovi warrant per l'acquisto di 2.200.000 azioni a 10,00 dollari ciascuna.
I warrant hanno una scadenza di 5,5 anni. Aegis Capital Corp. ha agito come agente esclusivo per il collocamento. I titoli sono stati venduti in un collocamento privato esente dai requisiti di registrazione della SEC.
Serve Robotics Inc. (Nasdaq: SERV), una de las principales empresas de entrega autónoma en aceras, ha cerrado una colocación privada de 20 millones de dólares y el ejercicio de opciones. La transacción incluye:
1. Una colocación privada con un inversor institucional para opciones prefinanciadas para comprar 555,555 acciones a 9.00 dólares cada una, junto con opciones para comprar 555,555 acciones a 10.00 dólares cada una.
2. Ejercicio de opciones existentes por parte de un inversor institucional para comprar 2,500,000 acciones a 6.00 dólares cada una, generando 15 millones de dólares en ingresos brutos. A cambio, el inversor recibió nuevas opciones para comprar 2,200,000 acciones a 10.00 dólares cada una.
Las opciones tienen una expiración de 5.5 años. Aegis Capital Corp. actuó como el agente exclusivo de colocación. Los valores se vendieron en una colocación privada exenta de los requisitos de registro de la SEC.
서브 로보틱스 주식회사(나스닥: SERV), 선도적인 자율 보도 배달 회사가 2000만 달러의 사모펀드와 워런트 행사 계약을 체결하였습니다. 이번 거래에는 다음과 같은 내용이 포함됩니다:
1. 555,555주를 주당 9.00달러에 구매할 수 있는 사전 자금 조달 워런트를 가진 기관 투자자와의 사모펀드.
2. 기관 투자자가 2,500,000주를 주당 6.00달러에 구매하기 위해 기존 워런트를 행사하여 1,500만 달러의 총 수익을 창출합니다. 그 대가로, 투자자는 2,200,000주를 주당 10.00달러에 구매할 수 있는 새로운 워런트를 받았습니다.
워런트의 유효기간은 5.5년입니다. Aegis Capital Corp.는 독점적인 판매대행자로 활동하였습니다. 이 증권은 SEC 등록 요건에서 면제된 사모펀드로 판매되었습니다.
Serve Robotics Inc. (Nasdaq: SERV), une société de livraison autonome sur trottoir de premier plan, a conclu un placement privé de 20 millions de dollars et l'exercice de bons de souscription. La transaction comprend :
1. Un placement privé avec un investisseur institutionnel pour des bons de souscription préfinancés permettant l'achat de 555 555 actions à 9,00 dollars chacune, ainsi que des bons de souscription pour l'achat de 555 555 actions à 10,00 dollars chacune.
2. L'exercice de bons de souscription existants par un investisseur institutionnel pour l'achat de 2 500 000 actions à 6,00 dollars chacune, générant 15 millions de dollars de produits bruts. En retour, l'investisseur a reçu de nouveaux bons de souscription pour l'achat de 2 200 000 actions à 10,00 dollars chacune.
Les bons de souscription ont une expiration de 5,5 ans. Aegis Capital Corp. a agi en tant qu'agent exclusif de placement. Les titres ont été vendus dans un placement privé exempt des exigences d'enregistrement de la SEC.
Serve Robotics Inc. (Nasdaq: SERV), ein führendes Unternehmen für autonome Gehweglieferungen, hat eine Privatplatzierung von 20 Millionen Dollar und die Ausübung von Warrants abgeschlossen. Die Transaktion beinhaltet:
1. Eine Privatplatzierung mit einem institutionellen Investor für vorfinanzierte Warrants zum Kauf von 555.555 Aktien zu je 9,00 Dollar, sowie Warrants zum Kauf von 555.555 Aktien zu je 10,00 Dollar.
2. Ausübung bestehender Warrants durch einen institutionellen Investor zum Kauf von 2.500.000 Aktien zu je 6,00 Dollar, was 15 Millionen Dollar Bruttoeinnahmen generiert. Im Gegenzug erhielt der Investor neue Warrants zum Kauf von 2.200.000 Aktien zu je 10,00 Dollar.
Die Warrants haben eine Laufzeit von 5,5 Jahren. Aegis Capital Corp. fungierte als exklusiver Platzierungsagent. Die Wertpapiere wurden in einer von den SEC-Registrierungsanforderungen befreiten Privatplatzierung verkauft.
- Secured $20 million in gross proceeds through private placement and warrant exercise
- Existing warrants exercised at $6.00 per share, generating $15 million in cash proceeds
- New warrants issued at higher exercise price of $10.00 per share, potentially generating additional future capital
- Potential dilution of existing shareholders due to issuance of new shares and warrants
- Securities sold in private placement are not registered, limiting their transferability
Insights
Serve Robotics'
However, the dilutive effect of these transactions shouldn't be overlooked. The potential issuance of up to 3,255,555 new shares represents substantial dilution for existing shareholders. The 5.5-year expiration on new warrants also creates long-term uncertainty regarding the company's capital structure.
This funding round signals strong investor interest in Serve Robotics' autonomous sidewalk delivery technology. As a Nasdaq-listed company in the rapidly evolving robotics sector, this capital infusion could accelerate Serve's market position. The autonomous delivery space is highly competitive, with players like Starship Technologies and Nuro making significant strides.
Serve's ability to secure this funding, especially in a challenging economic climate, suggests confidence in its technology and business model. However, the true test will be how effectively the company deploys this capital to scale operations, enhance its technology and capture market share in the burgeoning autonomous delivery market.
The structure of this deal is intriguing. The use of pre-funded warrants and the immediate exercise of existing warrants provide Serve Robotics with instant capital, while the new warrants at higher strike prices create potential for future funding. This tiered approach balances immediate cash needs with long-term growth prospects.
The
The Company today announced the closing of a private placement with a single institutional investor for the purchase of pre-funded warrants to purchase 555,555 shares of the Company's common stock (the "Common Stock"), together with a warrant to purchase up to an aggregate of 555,555 shares of Common Stock at an exercise price of
In addition, the Company agreed with a single institutional investor to exercise certain outstanding warrants to purchase an aggregate of 2,500,000 shares of Common Stock (the "Existing Warrants"). The Existing Warrants were exercised at their original exercise price of
The total gross proceeds were approximately
Aegis Capital Corp. acted as the exclusive placement agent for the transaction. Orrick, Herrington & Sutcliffe LLP served as counsel to the Company and Sichenzia Ross Ference Carmel LLP served as counsel to Aegis Capital Corp. for the private placement.
The securities described above were sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Act"), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in
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.
About Serve Robotics
Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple
For further information about Serve Robotics (Nasdaq: SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.
Safe Harbor Forward-Looking Statements
This press release of Serve Robotics Inc. contains "forward-looking statements". Words such as "may", "will", "could", "should", "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" and other comparable terminology are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses its vision, its strategy, and its products. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there could be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking statements except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statement, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.
Contacts
Media
Aduke Thelwell
Head of Communications and Investor Relations
Serve Robotics
press@serverobotics.com
Investors
investor.relations@serverobotics.com
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SOURCE Serve Robotics Inc.
FAQ
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