SAN FRANCISCO, Jan. 6, 2025 (Globe Newswire) — Serve Robotics Inc. (“Serve” or the “Company”) (Nasdaq: SERV), a leading self-driving delivery company, today announced that it has raised total proceeds of $86 million. Announced. The proceeds will be raised during December 2024, bringing total proceeds raised in 2024 to $167 million. Since spinning out of Uber in 2021, the company has secured approximately $220 million in total funding. The additional funding in December 2024 will include proceeds raised through Saab’s previously filed ATM facility and warrant exercise. As of December 31, 2024, Serve’s outstanding common stock totaled approximately 51.5 million shares.
This capital injection significantly strengthens Serve’s financial position and extends its expected operating period to the end of 2026. Serve is now able to self-fund its capital expenditures, eliminating the short-term need for equipment financing and associated maintenance costs. By maintaining balance sheet flexibility and optimizing our cost of capital with efficient, low-cost financing solutions, we support our strategic initiatives and provide favorable positions to make investments that further advance our technology leadership. I’m in a position.
Successful 2024 funding underscores Saab’s position as a leader in last-mile delivery transformation as Saab aims to expand production of third-generation robots and prepares to enter several new markets It is something to do.
“This liquidity position reflects our strong confidence in our vision and market potential,” said Brian Reed, Chief Financial Officer of Saab Robotics. “Looking to the future, we are confident that we are well-positioned to continue to expand and enter new markets in 2025 and beyond.”
About Saab Robotics
Serve Robotics develops advanced, AI-powered, low-emission sidewalk delivery robots that aim to make deliveries sustainable and economical. Serve, which spun off from Uber as an independent company in 2021, has completed tens of thousands of deliveries for corporate partners like Uber Eats and 7-Eleven. Serve has a scalable, multi-year agreement that includes a signed agreement to bring up to 2,000 delivery robots to the Uber Eats platform across multiple U.S. markets.
For more information about Serve Robotics (Nasdaq:SERV), visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Serve intends that such forward-looking statements will be subject to the forward-looking statement safe harbor provisions contained in Section 21E of the Exchange Act. These forward-looking statements may relate to future events, including Serve’s intentions, objectives with respect to future events, including Serve’s financial and operational performance, capital position, and expectations regarding its business. , includes statements regarding plans, expectations, assumptions and beliefs. Future growth. “anticipate”, “believe”, “expect”, “plan”, “anticipate”, “intend”, “anticipate”, “estimate”, “likely”, “intend” , “outlook,” “should,” “may,” “may,” “target,” “plans” and other similar expressions generally identify forward-looking statements. Can be used to identify. Any indication, guidance or outlook of future earnings, financial condition or performance is also a forward-looking statement. The forward-looking statements in this press release are based on management’s current expectations about future events and may cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. are subject to numerous risks and uncertainties that may cause comment. Risks that contribute to uncertainty in forward-looking statements include those described in Serve’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission. (the “SEC”) and those described in subsequent filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they are made. Serve undertakes no obligation to update such statements to reflect events or circumstances that occur after the date on which such statements are made.
contact address
media
Mallory Van Gilder
Skyya PR Saab Robotics
serve@skyya.com
651.335.0585
Investor information
investor.relations@serverobotics.com
