Sichenzia Ross Ference Carmel LLP Represents Aegis Capital Corp. in $20 Million PIPE and Warrant Exercise of Uber and NVIDIA-backed Serve Robotics Inc.
New York, NY – August 28, 2024 – Sichenzia Ross Ference Carmel LLP announced that it has represented Aegis Capital Corp. as exclusive placement agent in connection with a securities purchase agreement resulting in gross proceeds of $20 million to Serve Robotics Inc. (Nasdaq: SERV). Backed by Uber and NVIDIA, Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Serve Robotics was spun off from Uber in 2021. The transaction closed on August 28, 2024.
Serve Robotics completed a private placement to a single institutional investor of pre-funded warrants to purchase up to 555,555 shares of the company’s common stock, together with a warrant to purchase up to 555,555 shares of common stock at an exercise price of $10.00 per share. Each unit of pre-funded warrant and common warrant was sold at a purchase price of $9.00. The common warrants are exercisable upon issuance and will expire five and a half years from the date of issuance.
In addition, Serve Robotics agreed with a single institutional investor to exercise for cash certain outstanding warrants to purchase an aggregate of 2,500,000 shares of Common Stock at their original exercise price of $6.00 per share, for gross proceeds of $15 million. In consideration for such exercise, the investor received, in a private placement, new warrants to purchase up to 2,200,000 shares of common stock with an exercise price of $10.00 per share. These new 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 transaction.
The Firm previously represented Aegis Capital as exclusive placement agent in a $15 million private placement offering by Serve Robotics of common stock warrants and pre-funded common stock warrants in July 2024; as the sole book-running manager in Serve Robotics’ $40 million underwritten public offering of common stock and uplisting to Nasdaq in April 2024; and as co-placement agent in Serve Robotics’ $15.7 million “APO” reverse merger and private placement in July – October 2023. The Firm also represented Laidlaw & Company (UK) Ltd. as co-placement agent in a $3 million convertible note bridge financing for Serve Robotics in April 2023.
The SRFC team was led by partners Gregory Sichenzia, Barrett DiPaolo and Matthew Siracusa and associate Benjamin Sklar.
