Serve Robotics Inc. (NASDAQ:SERV) shares are trading lower Friday after the company announced a $100 million offering.
What To Know: The company said it entered into securities purchase agreements with institutional investors for the sale of 6.25 million shares of common stock. Gross proceeds from the offering are expected to total approximately $100 million, before deducting placement agent fees and other offering expenses.
Serve said the offering is expected to close on or about Oct. 14, subject to customary closing conditions. The company intends to use the net proceeds for general corporate purposes, including working capital.
Northland Capital Markets acted as the sole placement agent for the transaction, while Oppenheimer & Co. Inc. and Wedbush Securities Inc. served as capital markets advisors.
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SERV Price Action: At the time of writing, Serve shares are trading 14.03% lower at $15.22, according to data from Benzinga Pro.
Image: Courtesy of Serve Robotics
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