Serve Robotics slides after unveiling $80 mln stock offering

Serve Robotics

07/01/2025 14:22

** Shares of sidewalk delivery robots maker Serve Robotics
 SERV.O  slide 13.3% to $19.84 premarket
    ** Co says it has agreed with certain institutional
investors for the sale of 4.2 mln shares in a registered direct
offering, expected to fetch gross proceeds of about $80 mln
    ** SERV intends to use the money for general corporate
purposes, including working capital
    ** Northland Capital Markets is the placement agent for the
transaction
    ** SERV has 44.3 mln outstanding shares and $1.01 bln market
capitalization - LSEG data     
    ** Ride-hailing co Uber Technologies  UBER.N  and chip giant
Nvidia  NVDA.O  are the two biggest SERV shareholders
    ** SERV was spun off from Uber in 2021 as an independent
company


 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))