Serve Robotics Files 8-K: Agreements, Equity Sales, and Financials

TL;DR

Serve Robotics filed an 8-K detailing a material agreement, equity sales, and financial updates.

AI Summary

On April 22, 2024, Serve Robotics Inc. entered into a Material Definitive Agreement, the specifics of which are detailed in the filing. The company also reported on unregistered sales of equity securities and provided a Regulation FD disclosure. Additionally, financial statements and exhibits were filed.

Why It Matters

This filing provides crucial updates on Serve Robotics' material agreements and financial activities, offering insight into the company's operational and financial status.

Risk Assessment

Risk Level: medium — The filing involves material definitive agreements and unregistered equity sales, which can indicate significant corporate actions and potential dilution.

Key Players & Entities

• Serve Robotics Inc. (company) — Registrant
• Patricia Acquisition Corp. (company) — Former Company Name
• April 22, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share SERV The Nasdaq Capital M
• $4.00 — Stock"), at a public offering price of $4.00 per share (the "Offering"). Pursuant t
• $5.00 — at a per share exercise price equal to $5.00 and is exercisable at any time and from
• $5.0 million — nt Agent") of the Company's issuance of $5.0 million of convertible promissory notes (collec
• $2.42 — of Common Stock at an exercise price of $2.42 per share. The Placement Agent's Warran

Filing Documents

• ea0204414-8k_serverobo.htm (8-K) — 35KB
• ea020441401ex4-1_serve.htm (EX-4.1) — 74KB
• ea020441401ex4-2_serve.htm (EX-4.2) — 89KB
• ea020441401ex99-1_serve.htm (EX-99.1) — 12KB
• image_001.jpg (GRAPHIC) — 3KB
• 0001213900-24-035088.txt ( ) — 436KB
• serv-20240422.xsd (EX-101.SCH) — 3KB
• serv-20240422_lab.xml (EX-101.LAB) — 33KB
• serv-20240422_pre.xml (EX-101.PRE) — 22KB
• ea0204414-8k_serverobo_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement Representative's Warrant As previously disclosed, on April 17, 2024 (the "Effective Date"), Serve Robotics Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Aegis Capital Corp. ("Aegis") in connection with the public offering of 10,000,000 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at a public offering price of $4.00 per share (the "Offering"). Pursuant to the Underwriting Agreement, at the closing of the Offering on April 22, 2024, the Company issued to Aegis a warrant to purchase 500,000 shares of Common Stock (the "Representative's Warrant"). The Representative's Warrant will be exercisable at a per share exercise price equal to $5.00 and is exercisable at any time and from time to time, in whole or in part, commencing October 14, 2024. The Representative's Warrant expires on April 17, 2029. The Representative's Warrant also includes customary anti-dilution provisions and immediate piggyback registration rights with respect to the registration of the shares of Common Stock underlying the Representative's Warrant. The Representative's Warrant may not be sold, transferred, assigned, pledged or hypothecated for a period of 180 days following the Effective Date to anyone other than to, (i) the Holder (as defined in the Representative's Warrant) or an underwriter, placement agent, or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of the Holder or of any such underwriter, placement agent or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1). In addition, during the same period, the securities issuable upon exercise of the Representative's Warrant may not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the Representative's Warrant or the securities thereunder, excep

02 Unregistered Sales of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On April 22, 2024, the Company issued a press release announcing the closing of the Offering. The press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) List of Exhibits. Exhibit Number Description 4.1 Form of Representative's Warrant issued by the Company to Aegis Capital Corp. on April 22, 2024 4.2 Form of Placement Agent's Warrant issued by the Company to Network 1 Financial Securities, Inc. on April 22, 2024 99.1 Press release, dated April 22, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

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: April 22, 2024 /s/ Ali Kashani Ali Kashani Chief Executive Officer and Director 3

View Full Filing

View this 8-K filing on SEC EDGAR