Investing.com – Shares of Serve Robotics fell more than 14% in premarket trading after announcing a registered direct offering.
The company announced agreements with certain institutional investors for the sale of 4,210,525 common shares. This transaction is expected to generate gross proceeds of approximately $80 million, before deducting fees and other related expenses.
The offering is expected to close on or about January 7, 2025, subject to the satisfaction of all customary closing conditions.
Serve Robotics stated that the net proceeds from this offering will be used for general corporate purposes, including raising working capital.
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