Serve Robotics surges after Nvidia's investment unveil

Serve Robotics

19/07/2024 12:06

** Shares of Serve Robotics  SERV.O  surge ~80% premarket to
$4.74 after Nvidia  NVDA.O  disclosed investment in the co
    ** NVDA said in SEC filing late Thurs it bought 62,500
shares of automatic sidewalk delivery firm for $4/sh in Jul 2023
    ** In Apr, NVDA invested in co again, converting a
promissory note into ~1.1 mln shares at $2.42 a piece
    ** NVDA owns ~3.7 mln SERV shares for ~10% stake
    ** SERV made its public debut in Mar under the OTCQB Venture
Market, and then uplisted to Nasdaq Capital Market in Apr upon
pricing of $40 mln public offering at $4
    ** Ride-hailing firm Uber Technologies  UBER.N  has ~14%
stake in SERV, per LSEG data, and is also a strategic partner

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))