(RTTNews) – Serve Robotics Inc., an autonomous sidewalk supply firm, stated that it priced its underwritten public providing of 10 million shares of frequent inventory at $4.00 per share, for combination gross proceeds of $40 million, previous to deducting underwriting reductions and providing bills.
The providing consists of the participation of certainly one of Serve’s largest stockholders and strategic companions, Postmates, LLC, a wholly-owned subsidiary of Uber Applied sciences Inc (UBER).
Serve Robotics additionally introduced that, in reference to the providing, its frequent inventory has been accredited for itemizing and can start buying and selling on the Nasdaq Capital Market beneath the image “SERV” on April 18, 2024. Serve was beforehand listed on the OTCQB Enterprise Market beneath the ticker image “SBOT” and can not commerce on that market.
As well as, Serve Robotics famous that it has granted Aegis Capital Corp. a 45-day choice to buy as much as 1.50 million further shares of frequent inventory, equal to fifteen% of the variety of shares offered within the providing solely to cowl over-allotments, if any.
If Aegis workouts the choice in full, the overall gross proceeds of the providing together with the overallotment are anticipated to be roughly $46 million earlier than deducting underwriting reductions and commissions and providing bills.
The providing is predicted to shut on or about April 22, 2024.
Serve plans to make use of internet proceeds from the providing to fund analysis and improvement of the subsequent generations of Serve’s robots, manufacturing actions, geographic growth, and for working capital and different normal company functions.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
