Serve Robotics Files S-1/A Amendment

TL;DR

Serve Robotics S-1/A filed. Public offering process continues.

AI Summary

Serve Robotics Inc. filed an S-1/A amendment on June 28, 2024, related to its registration statement. The company, formerly known as Patricia Acquisition Corp., is incorporated in Delaware and operates in the miscellaneous transportation equipment sector. Its principal executive offices are located at 730 Broadway, Redwood City, CA 94063.

Why It Matters

This filing indicates Serve Robotics is continuing its process to become a publicly traded company, which could impact its funding and operational capabilities.

Risk Assessment

Risk Level: medium — S-1/A filings are part of the IPO process, which inherently carries risks related to market conditions, company performance, and regulatory approvals.

Key Numbers

• 333-280071 — Registration Number (Identifies the specific registration for this filing.)
• 20240628 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• Serve Robotics Inc. (company) — Registrant
• Patricia Acquisition Corp. (company) — Former company name
• Ali Kashani (person) — Chief Executive Officer
• 333-280071 (dollar_amount) — SEC Registration Number
• 20240628 (dollar_amount) — Filing Date

FAQ

Key Financial Figures

• $0.0001 — 3,041 shares of common stock, par value $0.0001 per share, of Serve Robotics Inc. (the
• $2.00 — price of our common stock on Nasdaq was $2.00 per share. We may amend or supplement
• $1 — o reduce average delivery cost to under $1.00, lower than delivery cost by human c
• $450 billion — obots and drones may grow to as much as $450 billion globally in 2030. 1 Recent Developmen
• $4.00 — urities Act at a price to the public of $4.00 per share, for aggregate gross proceeds
• $40 m — share, for aggregate gross proceeds of $40 million, prior to deducting underwriting
• $35.7 million — ses, with net proceeds of approximately $35.7 million. We intend to use the net proceeds of t
• $5.00 — herein, at an initial exercise price of $5.00 per share. The Underwriter Warrant is e
• $0.01 — ovided therein, at an exercise price of $0.01 per share. The Magna Warrant is exerci
• $5.0 million — ch the Company received an aggregate of $5.0 million in proceeds. In connection with the Pub
• $2.42 — herein, at an initial exercise price of $2.42 per share. The Network 1 Warrants becam

Filing Documents

• ea0208606-s1a1_serverobo.htm (S-1/A) — 2395KB
• ea020860601ex5-1_serverobo.htm (EX-5.1) — 9KB
• ea020860601ex10-37_serverobo.htm (EX-10.37) — 12KB
• ea020860601ex10-38_serverobo.htm (EX-10.38) — 13KB
• ea020860601ex23-1_serverobo.htm (EX-23.1) — 2KB
• image_001.jpg (GRAPHIC) — 3KB
• image_002.jpg (GRAPHIC) — 216KB
• image_003.jpg (GRAPHIC) — 6KB
• image_004.jpg (GRAPHIC) — 6KB
• ex5-1_001.jpg (GRAPHIC) — 2KB
• 0001213900-24-057276.txt ( ) — 9739KB
• serv-20240331.xsd (EX-101.SCH) — 76KB
• serv-20240331_cal.xml (EX-101.CAL) — 40KB
• serv-20240331_def.xml (EX-101.DEF) — 400KB
• serv-20240331_lab.xml (EX-101.LAB) — 664KB
• serv-20240331_pre.xml (EX-101.PRE) — 422KB
• ea0208606-s1a1_serverobo_htm.xml (XML) — 1069KB

RISK FACTORS

RISK FACTORS 7 DESCRIPTION OF THE MERGER, THE PRIVATE PLACEMENT, THE PUBLIC OFFERING AND RELATED TRANSACTIONS 32

USE OF PROCEEDS

USE OF PROCEEDS 36 MARKET INFORMATION FOR OUR COMMON STOCK AND DIVIDEND POLICY 37

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38

BUSINESS

BUSINESS 47 MANAGEMENT 65 EXECUTIVE AND DIRECTOR COMPENSATION 71 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 78

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 81 SELLING STOCKHOLDERS 83

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 85 PLAN OF DISTRIBUTION 89 SHARES ELIGIBLE FOR FUTURE SALE 91 LEGAL MATTERS 92 EXPERTS 93 WHERE YOU CAN FIND MORE INFORMATION 94 INDEX TO FINANCIAL STATEMENTS F-1 i ABOUT THIS PROSPECTUS This prospectus is part of a registration statement on Form S-1 that we filed with the U.S. Securities and Exchange Commission ("SEC") pursuant to which the selling stockholders may, from time to time, offer and sell or otherwise dispose of the shares of our common stock covered by this prospectus. We will not receive any proceeds from the sale by the selling stockholders of the securities offered by them described in this prospectus. We have not, and the selling stockholders have not, authorized anyone to give you any information other than the information contained in this prospectus, the information incorporated by reference herein, any applicable prospectus supplement or any free writing prospectus filed with the SEC. We and the selling stockholders take no responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you. Neither we nor the selling stockholders have authorized anyone to provide you with additional information or information different from that contained in this prospectus filed with the SEC. The selling stockholders are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. You should assume that the information appearing in this prospectus, the applicable prospectus supplement and any related free writing prospectus is accurate only as of the respective dates of those documents. Our business, financial condition, results of operations and prospects may have changed since those dates. For Non-U.S. Investors Neither we nor the selling stockholders have done anything that would permit this offering or possession or distribution of this prospectus, any prospectus supplement or

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This prospectus, including the sections entitled " Risk Factors, " " Management's Discussion and Analysis of Financial Condition and Results of Operations " and " Description of our Business, " includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements relate to, among others, our plans, objectives and expectations for our business, operations and financial performance and condition, and can be identified by terminology such as "may," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "will," "could," "project," "target," "potential," "continue" and similar expressions that do not relate solely to historical matters. Forward-looking statements are based on management's belief and assumptions and on information currently available to management. Although we believe that the expectations reflected in forward-looking statements are reasonable, such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.

Forward-looking statements include, but are not

Forward-looking statements include, but are not limited to, statements about: our ability to protect and enforce our intellectual property and the scope and duration of such protection; our reliance on third parties, including suppliers, delivery platforms, brand sponsors, software providers and service providers; our ability to operate in public spaces and any errors caused by human supervisors, network connectivity or automation; our robots' reliance on sophisticated software technology that incorporates third-party components and networks to operate and our ability to maintain licenses for this software technology; our ability to commercialize our products at a large scale; the competitive industry in which we operate which is subject to rapid technological change; our ability to raise additional capital to develop our technology and scale our operations; developments and projections relating to our competitors and our industry; our ability to adequately control the costs associated with our operations; the impact of current and future laws and regulations, especially those related to personal delivery devices; potential cybersecurity risks to our operational systems, infrastructure and integrated software by us or third-party vendors; our ability to continue as a going concern; and other risks and uncertainties, including those listed under the caption " Risk Factors ." These and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section titled " Risk Factors " and elsewhere in this prospectus, in any app

View Full Filing

View this S-1/A filing on SEC EDGAR