Serve Robotics Inc. /DE/ (SERV): debt financing — Serve Robotics raises $3M in convertible note initial close; CEO also provides $200k bridge loan

Serve Robotics Inc. /DE/

On Dec 27, 2023, CEO Ali Kashani lent $200k via a secured subordinated note at 7.67% interest; repaid upon note issuance.
Board approved up to $6.5M of convertible notes; initial closing on Jan 2, 2024 raised $3M from accredited investors.
Notes bear 6.00% interest compounded annually, due on request 12 months after issuance; no prepayment without consent.
Notes convert at 75% of qualified financing price or $80M cap; change of control triggers cash repayment at 2x principal or conversion.
Proceeds to be used for working capital and general corporate purposes; notes issued under Rule 506(b).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Serve Robotics Inc. /DE/ incurred convertible notes of $3,000,000 with certain accredited investors at 6.00% per year maturing due and payable upon request by each Purchaser on or after the 12-month anniversary of the original issuance date of each Note.

Instrument: convertible notes
Principal: $3,000,000
Counterparty: certain accredited investors
Rate: 6.00% per year
Maturity: due and payable upon request by each Purchaser on or after the 12-month anniversary of the original issuance date of each Note
Event: incurrence

Exact text from the filing

At an initial closing on January 2, 2024, the Company borrowed an aggregate principal amount of $3,000,000 by issuing Notes to certain accredited investors

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Serve Robotics Inc. /DE/ incurred loan of up to $200,000 with Ali Kashani at 7.67% per annum.

Instrument: loan
Principal: up to $200,000
Counterparty: Ali Kashani
Rate: 7.67% per annum
Event: incurrence

Exact text from the filing

On December 27, 2023, Serve Operating Co., a wholly-owned subsidiary of Serve Robotics Inc., a Delaware corporation (the “Company”), issued a Secured Subordinated Promissory Note (the “Kashani Note”) to Ali Kashani, a holder of greater than 5% of the Company’s capital stock who serves as Chief Executive Officer and is a member of the Company’s Board of Directors (the “Board”), in exchange for a loan with the aggregate principal amount of up to $200,000.

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283 debt financings filed in the last 30 days. Browse all debt financings →

Serve Robotics Inc. /DE/ filing history →

Source: SEC EDGAR

accession 0001213900-24-000500

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