Serve Robotics retreats on $100 mln direct stock deal

Serve Robotics

10/10/2025 12:44

** Serve Robotics' SERV.O shares down 7.6% at $16.33 premarket after delivery robot maker announces $100 mln equity raise

    ** Redwood City, California-headquartered SERV says it agreed to sell 6.25 mln shares to certain institutional investors in registered direct offering

    ** Purchase price equates to around $16, a roughly 9.5% discount to stock's last close

    ** SERV shares on Thurs soared ~29% to finish at $17.68 after co inked partnership with DoorDash DASH.O to deploy its sidewalk robots to fulfill orders on the food delivery platform across the U.S., seeking to expand its reach beyond Uber Eats

    ** SERV plans to use net proceeds from the direct offering for general purposes, including working capital

** With ~59.88 mln shares outstanding, SERV has about $1.1 bln market cap

** Northland Capital Markets sole placement agent for the offering; Oppenheimer and Wedbush acting as capital markets advisors to SERV

** Through Thurs, SERV shares up ~31% YTD and have more than tripled over the past six months

    ** 6 of 7 analysts rate the stock "strong buy" or "buy", 1 rates "hold"; median PT is $16.50, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))