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BUZZ-Serve Robotics slides after unveiling $80 mln stock offering

Reuters
Jan 07, 2025
BUZZ-Serve Robotics slides after unveiling $80 mln stock offering

** Shares of sidewalk delivery robots maker Serve Robotics SERV.O slide 13.3% to $19.84 premarket

** Co says it has agreed with certain institutional investors for the sale of 4.2 mln shares in a registered direct offering, expected to fetch gross proceeds of about $80 mln

** SERV intends to use the money for general corporate purposes, including working capital

** Northland Capital Markets is the placement agent for the transaction

** SERV has 44.3 mln outstanding shares and $1.01 bln market capitalization - LSEG data

** Ride-hailing co Uber Technologies UBER.N and chip giant Nvidia NVDA.O are the two biggest SERV shareholders

** SERV was spun off from Uber in 2021 as an independent company

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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