Monday, April 22, 2024 5:34:27 PM
In addition, Serve has granted Aegis Capital Corp. ("Aegis") a 45-day option to purchase up to 1,500,000 additional shares of common stock, equal to 15% of the number of shares sold in the offering solely to cover over-allotments, if any. If Aegis exercises the option in full, the total gross proceeds of the offering including the overallotment would be approximately $46 million before deducting underwriting discounts and commissions and offering expenses.
Serve plans to use the net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.
Serve's common stock is listed on the Nasdaq Capital Market under the symbol "SERV". Serve was previously listed on the OTCQB® Venture Market under the ticker symbol "SBOT" and will no longer trade on that market.
Aegis Capital Corp. is acting as the sole book-running manager for the offering. Orrick, Herrington & Sutcliffe LLP is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis Capital Corp.
The Dog that doesn't bark is the one to pay attention to
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