Serve Robotics raises $20M in private placement and warrant exercise

Serve Robotics Inc. /DE/

Sold 555,555 pre-funded warrants and 555,555 common warrants at $9.00 per unit, raising ~$5M.
Existing warrants for 2.5M shares exercised at $6.00 per share, yielding ~$15M; investor received 2.2M new warrants at $10.
Common and new warrants expire in 5.5 years; exercise price $10.00 per share.
Aegis Capital served as placement agent with 6% commission plus $150K expenses.
Net proceeds intended for general corporate purposes; transaction expected to close August 28, 2024.

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