Autonomous sidewalk delivery business Serve Robotics (NASDAQ:SERV) announced a registered direct stock offering to generate roughly $80 million in gross funds.
For the sales of roughly 4.21 million common stock, the company has signed securities purchase agreements with institutional investors. Proceeds from the offering will help with general corporate needs, including operating capital, Serve Robotics stated. Subject to usual closing conditions, the offer is expected to conclude on or about January 7, 2025.
The announcement coincides with impressive growth in Serve Robotics' shares. Early trading Tuesday saw a 21% leap in shares, reflecting a 50% increase over the past week. The stock has gained almost 94% during the previous month; for the past six months, it has risen 842%. Shares year-to-date have surged 69.56%, much above more general market standards like the S&P 500.
As Serve Robotics develops pace in the autonomous delivery market, the significant increases of the company indicate a strong market mood and growing investor confidence in its expansion possibilities.
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