Serve Robotics (SERV) Closes $15M Private Placement

Serve Robotics Inc. ("Serve") (Nasdaq: SERV), a leading autonomous delivery robotics company, today announced the closing of a private placement with a single institutional investor for the purchase and sale of pre-funded warrants to purchase 2,500,000 shares of Serve's common stock (the "Common Stock"), together with warrants to purchase up to an aggregate of 2,500,000 shares of Common Stock at an exercise price of $6.00 per share. Each pre-funded warrant to purchase one share of Common Stock together with one warrant to purchase one share of Common Stock is being sold at a purchase price of $6.00. The warrants are exercisable upon issuance and will expire five and a half years from the date of issuance.

Aegis Capital Corp. acted as the exclusive placement agent for the offering. Orrick, Herrington & Sutcliffe LLP served as counsel to the Company and Sichenzia Ross Ference Carmel LLP served as counsel to Aegis Capital Corp.

The offering closed on July 24, 2024. The gross proceeds to Serve from this offering were approximately $15.0 million, before deducting placement agent fees and other offering expenses.

The securities described above are being sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Act"), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except according to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the "SEC") covering the resale of the shares of Common Stock sold in the private placement and the shares of Common Stock issuable upon exercise of the pre-funded warrants and the warrants sold in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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