Serve Robotics announces $100M registered direct offering

Serve Robotics (SERV) entered into securities purchase agreements with certain institutional investors for the purchase and sale of 6,250,000 shares of common stock, pursuant to a registered direct offering, expected to result in gross proceeds of approximately $100M, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about October 14, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use net proceeds from the offering for general corporate purposes, including working capital. Northland Capital Markets acted as the sole placement agent for the transaction. Oppenheimer & Co. Inc. and Wedbush Securities Inc. are serving as capital markets advisors to the Company.