Serve Robotics completed reverse merger into Patricia Acquisition shell; raised $14.1M

Serve Robotics Inc. /DE/

Merger closed July 31, 2023: Patricia Acquisition (shell) merged with Serve Robotics; name changed to Serve Robotics Inc.
Serve stockholders received 0.8035 shares of new company per share; up to 20.95M shares issued; options/warrants converted.
Private placement raised ~$14.1M gross from 3.72M shares at $4.00 each; proceeds for working capital and growth.
Bridge notes ($3.0M principal) converted into 937,968 shares at $3.20; 50% warrant coverage issued.
New directors appointed; Ali Kashani becomes CEO; former shell officers resign; lock-up agreements for 12 months.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Serve Robotics Inc. /DE/: Amended and restated bylaws in their entirety on July 31, 2023 (effective 2023-07-31).

Change: bylaw amendment
Effective: 2023-07-31

Exact text from the filing

Prior to the Merger, on July 31, 2023, we amended and restated our bylaws in their entirety.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Serve Robotics Inc. /DE/: Amended and restated certificate of incorporation on July 31, 2023, approved by board and stockholders (effective 2023-07-31).

Change: charter amendment
Effective: 2023-07-31

Exact text from the filing

Prior to the Merger, our board of directors approved the amendment and restatement of our certificate of incorporation on July 31, 2023, and stockholders holding 100% of the then outstanding shares of our common stock approved the amendment and restatement to our certificate of incorporation on July 31, 2023.

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Serve Robotics Inc. /DE/: Ceased to be a shell company as a result of the Merger.

Change: shell status

Exact text from the filing

As a result of the Merger, we have ceased to be a shell company.

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Serve Robotics Inc. /DE/ filing history →

Source: SEC EDGAR

accession 0001213900-23-063662

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