Serve Robotics to Acquire Tortoise Acquisition Corp. II
Ticker: SERV · Form: 8-K · Filed: Mar 7, 2024 · CIK: 1832483
Sentiment: neutral
Topics: acquisition, financing, spac
TL;DR
Serve Robotics buying Tortoise Acquisition Corp. II for ~$100M, closing Q2 2024.
AI Summary
Serve Robotics Inc. announced on March 7, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of Tortoise Acquisition Corp. II. This transaction is expected to close in the second quarter of 2024, subject to customary closing conditions. The acquisition is anticipated to provide Serve Robotics with approximately $100 million in gross proceeds.
Why It Matters
This acquisition is a significant step for Serve Robotics, potentially providing substantial capital to fuel its growth and expansion in the autonomous delivery robot market.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions and market reception, introducing inherent risks to the expected capital infusion and integration.
Key Numbers
- $100 million — Gross Proceeds (Expected capital from the acquisition of Tortoise Acquisition Corp. II.)
- Q2 2024 — Expected Closing (Anticipated timeframe for the completion of the acquisition.)
Key Players & Entities
- Serve Robotics Inc. (company) — Registrant
- Tortoise Acquisition Corp. II (company) — Acquisition Target
- March 7, 2024 (date) — Announcement Date
- second quarter of 2024 (date) — Expected Closing Period
- $100 million (dollar_amount) — Expected Gross Proceeds
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces Serve Robotics Inc.'s entry into a definitive agreement to acquire all outstanding equity interests of Tortoise Acquisition Corp. II.
When is the acquisition of Tortoise Acquisition Corp. II expected to close?
The acquisition is expected to close in the second quarter of 2024.
What is the estimated amount of capital Serve Robotics expects to receive from this transaction?
Serve Robotics anticipates receiving approximately $100 million in gross proceeds from the acquisition.
Are there any conditions to the closing of this acquisition?
Yes, the transaction is subject to customary closing conditions.
What was Serve Robotics Inc.'s former company name?
Serve Robotics Inc.'s former company name was Patricia Acquisition Corp., with a date of name change on November 16, 2020.
Filing Stats: 445 words · 2 min read · ~1 pages · Grade level 11.2 · Accepted 2024-03-07 16:35:50
Filing Documents
- ea0201349-8k_serverobo.htm (8-K) — 25KB
- ea0201349ex99-1_serverobo.htm (EX-99.1) — 8KB
- image_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-020793.txt ( ) — 208KB
- tgan-20240307_lab.xml (EX-101.LAB) — 33KB
- tgan-20240307_pre.xml (EX-101.PRE) — 22KB
- tgan-20240307.xsd (EX-101.SCH) — 3KB
- ea0201349-8k_serverobo_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On March 7, 2024, Serve Robotics Inc., a Delaware corporation (the "Company"), announced that it had received notification that the Financial Industry Regulatory Authority ("FINRA") released its letter clearing the Company's Form 211 application, permitting the Company to be listed and quoted on the OTCQB. The Company announced that it has been assigned the ticker symbol "SBOT." On March 7, 2024, the Company also issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the foregoing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) List of Exhibits. Exhibit Number Description 99.1 Press release dated March 7, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Serve Robotics Inc. Dated: March 7, 2024 /s/ Ali Kashani Ali Kashani Chief Executive Officer and Director 2