Corporate ActionMay 11, 2026, 08:17 AM
Serve Robotics Terminates $150M Equity Offering After Raising $91.2M
AI Summary
Serve Robotics Inc. terminated its Controlled Equity OfferingSM Agreement, effective May 7, 2026, after selling 7,716,935 shares of common stock for gross proceeds of approximately $91.2 million without incurring any penalties. The company also filed unaudited pro forma condensed combined financial statements for the three months ended March 31, 2026, related to its acquisition of Diligent Robotics, Inc. The acquisition, completed on January 27, 2026, had a preliminary purchase price of approximately $25.7 million, resulting in a pro forma net loss of $(51.032) million for the combined entity in Q1 2026.
Key Highlights
- Serve Robotics terminated its Controlled Equity OfferingSM Agreement on May 7, 2026.
- The company sold 7,716,935 common shares, generating $91.2 million in gross proceeds.
- No termination penalties were incurred related to the agreement.
- Unaudited pro forma financials for Q1 2026 were filed for Diligent Robotics acquisition.
- The Diligent Robotics acquisition was completed on January 27, 2026.
- Preliminary purchase price for Diligent Robotics was approximately $25.7 million.
- Pro forma combined net loss for Q1 2026 was $(51.032) million.
- Pro forma basic and diluted net loss per share for Q1 2026 was $(0.68).