Uber (SERV) beneficially owns 2.07M shares; Postmates reports Sept open-market sales

Rhea-AI Filing Summary

Uber Technologies, Inc. filed Amendment No. 1 to a Schedule 13D disclosing its beneficial ownership in Serve Robotics Inc. (SERV). As of August 18, 2025, Uber (through Postmates, LLC) beneficially owned 2,070,629 shares, representing approximately 3.36% of Serve Robotics' outstanding common stock based on a 61,577,800 share count. The filing states that Uber has sole voting and dispositive power over those shares. The Schedule also reports three open-market sales executed by Postmates on September 19, 22 and 23, 2025, listing the number of shares sold and the average price per share for each sale.

Positive

• None.

Negative

• Open-market sales reported: Postmates sold 1,215,048 shares on September 19, 2025 at an average price of $14.1405 per share.
• Open-market sales reported: Postmates sold 456,284 shares on September 22, 2025 at an average price of $14.0076 per share.
• Open-market sales reported: Postmates sold 1,006,872 shares on September 23, 2025 at an average price of $14.0471 per share.

Insights

Financial Analyst

TL;DR: Reporting shows a modest stake and recent open-market sales totaling material share volumes at around $14 per share.

The Schedule 13D/A confirms Uber's disclosed beneficial ownership of 2,070,629 shares, about 3.36% of Serve Robotics on the stated outstanding share base. The filing separately itemizes three open-market dispositions by Postmates on September 19, 22 and 23, 2025, with average prices of $14.1405, $14.0076 and $14.0471 respectively. The combination of a single-digit ownership percentage and reported sales is a notable disclosure for investors tracking insider and strategic investor activity, though the filing does not provide rationale for the transactions or proceeds. Analysis should rely only on these reported quantities and prices.

Corporate Governance Expert

TL;DR: Uber retains sole control over the disclosed shares but has reported multiple open-market sales in September 2025.

The filing states Uber has sole voting and dispositive power over the 2,070,629 shares reported as of August 18, 2025, and incorporates Schedule I for officer and director identities. Item 5(c) lists three specific open-market sales executed by Postmates with precise share counts and average prices. The Schedule does not allege group involvement, legal proceedings, or changes to reported officers. From a governance perspective, the document provides required transparency on ownership and recent trading but does not include any contractual arrangements, strategic agreements, or changes in board representation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Serve Robotics Inc. /DE/

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

81758H106

(CUSIP Number)

Prashanth Mahendra-Rajah
c/o Uber Technologies, Inc., 1725 3rd Street
San Francisco, CA, 94158
415-612-8582

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/19/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 81758H106

1

Name of reporting person

Uber Technologies, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,070,629.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 2,070,629.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

2,070,629.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.36 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note for Lines (7), (9), and (11) - Consists of 2,070,629 shares of common stock, par value $0.0001 per share (the "common stock"), of Serve Robotics Inc. (the "Issuer") that are beneficially owned by Uber Technologies, Inc. through Postmates, LLC, a wholly-owned subsidiary of Uber Technologies, Inc. Note for Line (13) - The percent of class beneficially owned by the Reporting Person was calculated assuming 61,577,800 shares of common stock issued and outstanding based on (i) 59,881,731 shares of common stock issued and outstanding as of August 5, 2025, as described in the Issuer's report on Form 10-Q for the fiscal quarter ended June 30, 2025, as filed with the Securities and Exchange Commission (the "SEC"), plus (ii) 1,696,069 additional shares issued in the Issuer's acquisition of Vayu Robotics, Inc. that closed on August 15, 2025, as disclosed in the Issuer's Current Report on Form 8-K filed with the SEC on August 18, 2025. This Amendment No. 1 amends and supplements the Schedule 13D relating to the shares of common stock of the Issuer (the "Schedule 13D") filed with the SEC on May 8, 2024. Information reported in the Schedule 13D remains in effect except to the extent amended or superseded by information contained in this Amendment No. 1.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common stock, par value $0.0001 per share
(b)	Name of Issuer: Serve Robotics Inc. /DE/
(c)	Address of Issuer's Principal Executive Offices: 730 Broadway, Redwood City, CALIFORNIA , 94063.
Item 2.	Identity and Background
(a)	This Statement is being filed by Uber Technologies, Inc. (the "Reporting Person" or "Uber"), a publicly traded Delaware corporation, because the Reporting Person beneficially owns 2,070,629 shares of common stock of the Issuer through Postmates, LLC, a wholly-owned subsidiary of the Reporting Person. The principal business of the Reporting Person is the operation and continued development of a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. The business address of the Reporting Person is 1725 3rd Street, San Francisco, CA 94158. Set forth on Schedule I, filed as Exhibit 99.1 hereto ("Schedule I"), which is incorporated herein by reference, is the name, business address and principal occupation or employment and citizenship of each of the Reporting Person's directors and executive officers.
(b)	See Item 2(a) above.
(c)	See Item 2(a) above.
(d)	During the last five years, neither the Reporting Person nor, to the best knowledge of the Reporting Person, any person named in Schedule I, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the past five years, neither the Reporting Person nor, to the best knowledge of the Reporting Person, any person named in Schedule I, has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The citizenship of each of the individuals referred to in Schedule I is set forth on Schedule I.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person is the beneficial owner of 2,070,629 shares of common stock, which represent approximately 3.36% of the outstanding shares of common stock as of August 18, 2025. The percent of common stock beneficially owned by the Reporting Person was calculated assuming 61,577,800 shares of common stock issued and outstanding based on (i) 59,881,731 shares of common stock issued and outstanding as of August 5, 2025, as described in the Issuer's report on Form 10-Q for the fiscal quarter ended June 30, 2025, as filed with the SEC, plus (ii) 1,696,069 additional shares issued in the Issuer's acquisition of Vayu Robotics, Inc. that closed on August 15, 2025, as disclosed in the Issuer's Current Report on Form 8-K filed with the SEC on August 18, 2025. None of the persons named in Schedule I beneficially own any shares of common stock.
(b)	The Reporting Person has sole voting and sole dispositive power over an aggregate of 2,070,629 shares of common stock. The Reporting Person's shares of common stock represent approximately 3.36% of the voting power of Issuer's outstanding capital stock as of August 18, 2025.
(c)	On September 19, 2025, the Reporting Person (through Postmates) sold 1,215,048 shares of its holdings in the Issuer's common stock at an average price per share of $14.1405 in open market transactions. On September 22, 2025, the Reporting Person (through Postmates) sold 456,284 shares of its holdings in the Issuer's common stock at an average price per share of $14.0076 in open market transactions. On September 23, 2025, the Reporting Person (through Postmates) sold 1,006,872 shares of its holdings in the Issuer's common stock at an average price per share of $14.0471 in open market transactions. Other than the foregoing, the Reporting Person and, to the best knowledge of the Reporting Person, the directors and executive officers of the Reporting Person have not effected any other transactions in the shares of the Issuer during the past 60 days.
(d)	No change.
(e)	No change.
Item 7.	Material to be Filed as Exhibits.
	EX-99.1 - Schedule I

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Uber Technologies, Inc.

Signature:	/s/ Prashanth Mahendra-Rajah
Name/Title:	Chief Financial Officer
Date:	09/23/2025

FAQ

How many SERV shares did Uber report owning on August 18, 2025?

The filing states Uber beneficially owned 2,070,629 shares, representing approximately 3.36% of Serve Robotics' outstanding common stock based on the disclosed share count.

Did the Schedule 13D/A report any sales of SERV stock by Uber or its subsidiary?

Yes. The filing reports Postmates sold 1,215,048 shares on September 19, 2025; 456,284 shares on September 22, 2025; and 1,006,872 shares on September 23, 2025, with average prices listed for each date.

What voting power does Uber claim over its SERV holdings?

The Schedule states Uber has sole voting power and sole dispositive power over the 2,070,629 shares reported.

What basis did Uber use to calculate the 3.36% ownership figure?

The percent was calculated using an assumed outstanding share count of 61,577,800 shares, combining 59,881,731 shares reported as of August 5, 2025 and 1,696,069 shares issued in the issuer's August 15, 2025 acquisition of Vayu Robotics, Inc.

Does the filing disclose any legal proceedings or group affiliations?

The filing indicates no disclosures are required for legal proceedings and checks indicate the Reporting Person is not filing as a member of a group.