Business
Serve Robotics prices $40M equity financing at $4 per share (OTC Markets:SBOT)
- Serve Robotics (OTC:SBOT) priced an underwritten public offering of 10M shares at a price to the public of $4.00 per share.
- Aggregate gross proceeds of $40M.
- In addition, Serve (OTC:SBOT) has granted Aegis Capital, a 45-day option to purchase up to 1.5M additional shares, equal to 15% of the number of shares sold in the offering solely to cover over-allotments.
- The offering is expected to close on or about April 22, 2024.
- Net proceeds will be used to fund research and development of the next generations of Serve’s robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.
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