Serve Robotics Announces Pricing of $15.0 Million Private Placement
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 Inc. (Nasdaq: SERV), un'azienda leader nel settore della robotica autonoma per le consegne, ha annunciato un collocamento privato di 15,0 milioni di dollari con un singolo investitore istituzionale. L'accordo comprende la vendita di warrant prefinanziati per acquistare 2.500.000 azioni di azioni ordinarie, insieme a warrant per acquistare ulteriori 2.500.000 azioni a un prezzo di esercizio di 6,00 dollari per azione. Ogni combinazione di warrant prefinanziati e warrant da 6,00 dollari è prezzata a 6,00 dollari. I warrant da 6,00 dollari saranno esercitabili al momento dell'emissione e scadranno dopo cinque anni e mezzo.
Si prevede che l'offerta si chiuda intorno al 24 luglio 2024, soggetta a condizioni di chiusura abituali. Aegis Capital Corp. agirà come agente di collocamento esclusivo. L'azienda prevede di presentare dichiarazioni di registrazione alla SEC per la rivendita delle azioni coinvolte in questo collocamento privato.
Serve Robotics Inc. (Nasdaq: SERV), una empresa líder en robótica de entrega autónoma, ha anunciado un colocación privada de 15.0 millones de dólares con un único inversor institucional. El acuerdo implica la venta de warrants prefinanciados para comprar 2,500,000 acciones de acciones comunes, junto con warrants para comprar 2,500,000 acciones adicionales a un precio de ejercicio de 6.00 dólares por acción. Cada combinación de warrant prefinanciado y warrant de 6.00 dólares tiene un precio de 6.00 dólares. Los warrants de 6.00 dólares serán ejercitables al momento de la emisión y expiran después de cinco años y medio.
Se espera que la oferta cierre alrededor del 24 de julio de 2024, sujeta a condiciones de cierre habituales. Aegis Capital Corp. está actuando como el agente de colocación exclusivo. La empresa planea presentar declaraciones de registro ante la SEC para la reventa de las acciones involucradas en esta colocación privada.
Serve Robotics Inc. (Nasdaq: SERV), 자율 배송 로봇 분야의 선두 기업, 이 1,500만 달러의 개인 배치를 단일 기관 투자자와 체결했다고 발표했습니다. 이번 거래는 2,500,000주의 보통주를 구매할 수 있는 사전 자금지원 워런트의 판매와 추가로 2,500,000주를 주당 6.00달러의 행사 가격으로 구매할 수 있는 워런트를 포함합니다. 각 사전 자금 지원 워런트와 6.00달러 워런트 조합은 6.00달러에 가격이 책정됩니다. 6.00달러 워런트는 발행 시점에 행사 가능하며, 5년 반 후에 만료됩니다.
이 제안은 2024년 7월 24일 경에 종료될 것으로 예상되며, 통상적인 종료 조건에 따릅니다. Aegis Capital Corp.가 독점 배치 에이전트로 활동하고 있습니다. 이 회사는 이번 개인 배치에 포함된 주식 재판매를 위해 SEC에 등록서 제출을 계획하고 있습니다.
Serve Robotics Inc. (Nasdaq: SERV), une entreprise leader dans le domaine de la robotique de livraison autonome, a annoncé un placement privé de 15,0 millions de dollars avec un seul investisseur institutionnel. L'accord implique la vente de bons de souscription préfinancés pour acheter 2.500.000 actions ordinaires, ainsi que des bons de souscription pour acheter 2.500.000 actions supplémentaires à un prix d'exercice de 6,00 dollars par action. Chaque combinaison de bon de souscription préfinancé et de bon de souscription à 6,00 dollars est à un prix de 6,00 dollars. Les bons de souscription à 6,00 dollars seront exerçables lors de l'émission et expireront après cinq ans et demi.
Il est prévu que l'offre se clôture autour du 24 juillet 2024, sous réserve des conditions de clôture habituelles. Aegis Capital Corp. agit en tant qu'agent de placement exclusif. L'entreprise prévoit de déposer des déclarations d'enregistrement auprès de la SEC pour la revente des actions concernées dans ce placement privé.
Serve Robotics Inc. (Nasdaq: SERV), ein führendes Unternehmen im Bereich autonomer Lieferrobotik, hat eine Private Placement in Höhe von 15,0 Millionen Dollar mit einem einzigen institutionellen Investor bekannt gegeben. Der Deal umfasst den Verkauf von vorfinanzierten Warrants zum Kauf von 2.500.000 Aktien des Stammkapitals sowie Warrants zum Kauf von weiteren 2.500.000 Aktien zu einem Ausübungspreis von 6,00 Dollar pro Aktie. Kombiniert sind die vorfinanzierten Warrants und die 6,00 Dollar Warrants zu einem Preis von 6,00 Dollar erhältlich. Die 6,00 Dollar Warrants sind bei Ausgabe ausübbar und laufen nach fünfeinhalb Jahren ab.
Das Angebot wird voraussichtlich um den 24. Juli 2024 abgeschlossen, vorbehaltlich üblicher Abschlussbedingungen. Aegis Capital Corp. fungiert als alleiniger Platzierungsagent. Das Unternehmen plant, bei der SEC Registrierungsanträge für den Weiterverkauf der in diesem privaten Placement betroffenen Aktien einzureichen.
- Secured $15.0 million in gross proceeds through private placement
- Potential for additional capital through exercise of warrants at $6.00 per share
- Strengthened financial position to support company operations and growth
- Potential dilution of existing shareholders' ownership
- Warrants priced at current market price, not at a premium
The $15 million private placement by Serve Robotics is significant for several reasons. Firstly, the influx of funds can substantially bolster the company’s cash reserves, providing essential capital for R&D, scaling operations, or other strategic initiatives. The involvement of a single institutional investor indicates a high level of confidence in Serve Robotics' business model and future growth potential. The choice of pre-funded warrants and the non-registration under the Securities Act mitigates dilution risk for current shareholders, while also ensuring a quicker, less cumbersome fundraising process.
However, investors should note that the issuance of new warrants could potentially dilute existing shares if exercised. The exercise price of $6 per share sets a benchmark for future stock performance, implying that the institutional investor sees upside potential above this level. The five and a half years expiry on these warrants indicates a long-term outlook.
Overall, this funding round should be seen positively as it positions Serve Robotics to capitalize on growth opportunities in the rapidly evolving autonomous delivery market.
From a legal perspective, Serve Robotics’ private placement is structured to comply with the Securities Act of 1933 via an exemption, meaning the securities are not registered. This can expedite the fundraising process but imposes restrictions on the resale of these securities. The arrangement includes a registration rights agreement, ensuring the investor can eventually sell the shares, which is a standard practice to provide liquidity assurances.
The involvement of reputable legal counsel, such as Orrick, Herrington & Sutcliffe LLP, lends credibility and ensures compliance with relevant regulations. This legal structuring minimizes the risk of regulatory issues, making it a well-considered move from a corporate governance standpoint.
For retail investors, this funding round can be seen as a positive indicator of Serve Robotics' market potential. The autonomous delivery sector is poised for significant growth, driven by increasing e-commerce activity and the push for contactless delivery solutions. This $15 million infusion can help Serve Robotics expand its technological capabilities and market reach.
However, it's important to keep an eye on how effectively Serve utilizes this capital. The company's ability to turn this investment into scalable growth will be a critical factor for its stock performance. Investors should watch for subsequent financial disclosures and performance metrics to gauge the impact of this funding on the company’s growth trajectory.
In the short term, this announcement may boost investor confidence and potentially lead to a positive movement in Serve's stock price. Long-term implications will heavily depend on the strategic deployment of these funds and the company’s ability to navigate the competitive landscape.
Aegis Capital Corp. is acting as the exclusive placement agent for the offering. 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 offering is expected to close on or about July 24, 2024, subject to satisfaction of customary closing conditions. The gross proceeds to Serve Robotics from this offering are expected to be approximately
The securities described above are being 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
Backed by Uber and NVIDIA, 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
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
Aduke Thelwell
Head of Communications
Serve Robotics
aduke.thelwell@serverobotics.com
347.464.8510
CORE IR
investor.relations@serverobotics.com
View original content:https://www.prnewswire.com/news-releases/serve-robotics-announces-pricing-of-15-0-million-private-placement-302204027.html
SOURCE Serve Robotics Inc.
FAQ
What is the size of Serve Robotics' (SERV) recent private placement?
How many shares are involved in Serve Robotics' (SERV) private placement?
What is the exercise price of the warrants in Serve Robotics' (SERV) private placement?