1 minute read | April.19.2024
Serve Robotics, a leading autonomous sidewalk delivery company, has closed an underwritten public offering for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses.
Orrick represented Serve Robotics.
Serve Robotics also granted Aegis Capital Corp. a 45-day option to purchase up to 1.5 million additional shares of common stock. If Aegis exercises the option in full, the total gross proceeds of the offering would be about $46 million.
Serve’s common stock is listed on the Nasdaq Capital Market under the symbol “SERV.”
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.
The company has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
Serve Robotics said it plans to use net proceeds from the offering to fund research and development of the next generations of its robots, manufacturing activities, geographic expansion and for working capital and other general corporate purposes.
Albert Vanderlaan led the Orrick team that advised Serve Robotics. The team included Jaryn Fields, Jongmin Char, Michelle Lee, Bailey Higgs, Taylor Ball, Alan Knoll, Al Sawyers and Jason Flaherty.