Serve Robotics Announces Pricing of Private Placement & Warrant Exercise for aggregate gross proceeds of $20 Million
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 Inc. (Nasdaq: SERV), una delle principali aziende di consegne autonome su marciapiede, ha annunciato un collocamento privato e l'esercizio di warrant previsto per generare 20 milioni di dollari di proventi lordi. La transazione include:
1. Un collocamento privato di warrant prefinanziati per 555.555 azioni e warrant per 555.555 azioni a 10 dollari per azione, venduti a 9 dollari ciascuno.
2. Esercizio di warrant esistenti per 2.500.000 azioni a 6 dollari per azione, con nuovi warrant per 2.200.000 azioni a 10 dollari per azione emessi come corrispettivo.
L'affare dovrebbe chiudersi il 28 agosto 2024, soggetto a condizioni. Aegis Capital Corp. è l'agente di collocamento esclusivo. I titoli vengono 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 anunciado una colocación privada y ejercicio de warrants que se espera que genere 20 millones de dólares en ingresos brutos. La transacción incluye:
1. Una colocación privada de warrants prefinanciados para 555.555 acciones y warrants para 555.555 acciones a 10 dólares por acción, vendidos a 9 dólares cada uno.
2. Ejercicio de warrants existentes para 2.500.000 acciones a 6 dólares por acción, con nuevos warrants para 2.200.000 acciones a 10 dólares por acción emitidos como contraprestación.
El acuerdo está programado para cerrarse el 28 de agosto de 2024, sujeto a condiciones. Aegis Capital Corp. es el agente exclusivo de colocación. Los valores se están vendiendo en una colocación privada exenta de los requisitos de registro de la SEC.
Serve Robotics Inc. (Nasdaq: SERV)는 선도적인 자율 인도 회사로서 2000만 달러의 총 수익을 창출할 것으로 예상되는 사모 배치 및 워런트 행사를 발표했습니다. 이번 거래는 다음과 같습니다:
1. 555,555주에 대한 사전 자금 조달 워런트와 주당 10달러에 판매되는 555,555주에 대한 워런트의 사모 배치. 각 주식은 9달러에 판매됩니다.
2. 주당 6달러에 2,500,000주에 대한 기존 워런트 행사, 그리고 대가로 주당 10달러에 발행된 2,200,000주에 대한 신규 워런트.
이 거래는 2024년 8월 28일에 종결될 예정이며 조건이 적용됩니다. Aegis Capital Corp.는 독점적인 배치 대행사입니다. 이 증권은 SEC 등록 요건에서 면제되는 사모 배치로 판매되고 있습니다.
Serve Robotics Inc. (Nasdaq: SERV), une entreprise leader dans la livraison autonome sur trottoir, a annoncé un placement privé et l'exercice de warrants qui devrait générer 20 millions de dollars de produits bruts. La transaction comprend :
1. Un placement privé de warrants préfinancés pour 555 555 actions et des warrants pour 555 555 actions à 10 dollars par action, vendus à 9 dollars chacun.
2. Exercice de warrants existants pour 2 500 000 actions à 6 dollars par action, avec de nouveaux warrants pour 2 200 000 actions à 10 dollars par action émis à titre de contrepartie.
L'accord doit se conclure le 28 août 2024, sous réserve de conditions. Aegis Capital Corp. est l'agent de placement exclusif. Les titres sont vendus dans le cadre d'un placement privé exempté des exigences d'enregistrement de la SEC.
Serve Robotics Inc. (Nasdaq: SERV), ein führendes Unternehmen für autonome Lieferungen auf Bürgersteigen, hat eine Privatplatzierung und den Warrant-Ausübung angekündigt, die voraussichtlich 20 Millionen Dollar an Bruttoerlösen generieren werden. Die Transaktion umfasst:
1. Eine Privatplatzierung von vorfinanzierten Warrants für 555.555 Aktien und Warrants für 555.555 Aktien zu je 10 Dollar pro Aktie, die zu je 9 Dollar verkauft werden.
2. Ausübung bestehender Warrants für 2.500.000 Aktien zu je 6 Dollar pro Aktie, wobei neue Warrants für 2.200.000 Aktien zu je 10 Dollar pro Aktie als Gegenleistung ausgegeben werden.
Der Deal soll am 28. August 2024 abgeschlossen werden, vorbehaltlich bestimmter Bedingungen. Aegis Capital Corp. ist der exklusive Platzierungsagent. Die Wertpapiere werden in einer von den SEC-Registrierungsanforderungen befreiten Privatplatzierung verkauft.
- Secured $20 million in gross proceeds through private placement and warrant exercise
- Existing warrant exercise provides immediate cash influx of $15 million
- New warrants issued at higher exercise price of $10 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, limiting public trading availability
Insights
Serve Robotics' $20 million private placement and warrant exercise is a significant capital raise for the autonomous delivery startup. The deal structure, combining pre-funded warrants and common warrants, provides immediate cash infusion while offering potential for future funding. The $9.00 purchase price for each unit and the $10.00 exercise price for common warrants suggest investor confidence in future growth.
The exercise of existing warrants at $6.00 per share indicates strong investor belief in Serve's potential. However, the issuance of new warrants at a higher $10.00 strike price may dilute existing shareholders if exercised. This capital injection should strengthen Serve's balance sheet, potentially funding expansion or R&D efforts in the competitive autonomous delivery space.
This funding round for Serve Robotics underscores the growing interest in autonomous sidewalk delivery solutions. The $20 million raise could significantly accelerate Serve's technology development and market expansion. As urban logistics evolve, last-mile delivery robots are becoming increasingly relevant.
The capital infusion might enable Serve to enhance its AI algorithms, improve obstacle detection, or expand its fleet size. However, the company faces challenges in regulatory compliance and public acceptance. The success of this investment will likely hinge on Serve's ability to demonstrate reliable, safe operations at scale and integrate seamlessly into existing urban infrastructures.
Serve Robotics' successful fundraise signals continued investor appetite for autonomous delivery technologies. The $20 million injection could help Serve expand its market presence and compete with giants like Amazon and FedEx, who are also exploring robotic delivery solutions. The timing is opportune, given the surge in e-commerce and contactless delivery demand post-pandemic.
However, the autonomous delivery market is still nascent, with regulatory and technological hurdles to overcome. Serve's ability to secure partnerships with retailers and restaurants will be important for growth. The higher warrant exercise price of $10.00 compared to the previous $6.00 suggests investor optimism, but also sets a higher bar for future performance expectations.
The Company today announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale, in a private placement, 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 are purchased at their exercise price of
The total gross proceeds are expected to be approximately
Aegis Capital Corp. is acting 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 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
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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