Serve Robotics Unveils Pricing Of $40 Million Public Offering And Listing On Nasdaq Robotics & Automation News

(MENAFN- Robotics & Automation News) Serve Robotics , a startup providing autonomous sidewalk delivery robots, has unveiled the pricing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses.

The offering includes the participation of one of Serve's largest stockholders and strategic partners, Postmates, a wholly-owned subsidiary of Uber Technologies.

In addition, Serve has granted Aegis Capital, a 45-day option to purchase up to 1,500,000 additional shares of common stock, equal to 15 percent of the number of shares sold in the offering solely to cover over-allotments, if any.

If Aegis exercises the option in full, the total gross proceeds of the offering including the overallotment are expected to be approximately $46 million before deducting underwriting discounts and commissions and offering expenses.

Serve plans to use net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.

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