secwatch.observer — SEC 8-K summary
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Issuer:     Serve Robotics Inc. /DE/ (SERV)
CIK:        0001832483
Form:       8-K
Filed at:   2024-01-03T23:59:59+00:00
Accession:  0001213900-24-000500
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Serve Robotics raises $3M in convertible note initial close; CEO also provides $200k bridge loan
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832483/000121390024000500/0001213900-24-000500-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832483/000121390024000500/ea190928-8k_serverobo.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-000500

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