Serve Robotics triples after Nvidia's investment disclosure

Serve Robotics

19/07/2024 18:20

(Updates stock activity, changes headline)
    ** Shares of Serve Robotics  SERV.O  soar as much as 218% to
$8.36 on Fri after chip giant Nvidia  NVDA.O  disclosed
investment in automatic sidewalk delivery firm
    ** NVDA said in SEC filing late Thurs it bought 62,500
shares for $4/sh in Jul 2023, and invested in co again in Apr,
converting promissory note into ~1.1 mln shares at $2.42 a piece
    ** NVDA owns ~3.7 mln SERV shares for ~10% stake
    ** SERV made public debut in Mar under OTCQB Venture Market,
and then uplisted to Nasdaq Capital Market in Apr upon pricing
of $40 mln public offering at $4
    ** About 173 mln SERV shares have traded so far on Fri,
easily their busiest session on record, compared to the 10-DMA
volume of roughly 1.2 mln shares, per LSEG
    ** 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))