Serve Robotics ends $150M ATM sales agreement, reports pro forma Q1 net loss of $51M from Diligent acquisition

Serve Robotics Inc. /DE/

Terminated $150M at-the-market equity offering with Cantor Fitzgerald and other agents effective May 7, 2026; no penalties.
Prior agreement raised $91.2M gross from 7.7M shares before termination.
Filed unaudited pro forma Q1 2026 combining Serve and Diligent (acquired Jan 27 for $25.7M).
Pro forma Q1 revenue $3.5M, net loss $51.0M, diluted EPS -$0.68 vs Serve standalone -$0.65.
Preliminary purchase price: $20.1M cash, $2.5M stock, $3.1M contingent earnout; $10M goodwill recorded.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Serve Robotics Inc. /DE/ terminated Controlled Equity Offering SM Agreement with Cantor Fitzgerald & Co., Wedbush Securities Inc., Northland Securities, Inc., Ladenburg Thalmann & Co. Inc. and Seaport Global Securities LLC (collectively, the "Agents") valued at up to $150 million (effective 2026-05-07).

Action: termination
Agreement: atm program
Counterparty: Cantor Fitzgerald & Co., Wedbush Securities Inc., Northland Securities, Inc., Ladenburg Thalmann & Co. Inc. and Seaport Global Securities LLC (collectively, the "Agents")
Value: up to $150 million
Effective: 2026-05-07

Exact text from the filing

On May 7, 2026, Serve Robotics Inc. (the “Company”) and each of Cantor Fitzgerald & Co., Wedbush Securities Inc., Northland Securities, Inc., Ladenburg Thalmann & Co. Inc. and Seaport Global Securities LLC (collectively, the “Agents”) agreed to terminate the Controlled Equity Offering SM Agreement, dated as of March 6, 2025 (the “Prior Sales Agreement”).

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Serve Robotics Inc. /DE/ filing history →

Source: SEC EDGAR

accession 0001213900-26-054200

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