Ali Kashani, the Chief Executive Officer of Serve Robotics Inc. (NASDAQ:SERV), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transaction, dated January 7, involved the sale of 1,425 shares at an average price of $19.53 per share, amounting to a total of $27,828. The stock, which has shown significant volatility and gained over 600% in the past six months, currently trades at $18.74. Following this sale, Kashani retains direct ownership of 3,229,565 shares in the company. Additionally, 16,070 shares are held indirectly by Kashani’s spouse. The sale was executed to satisfy tax withholding obligations related to the acquisition of shares through the settlement of vested restricted stock units. InvestingPro analysis shows the company, currently valued at $739M, has experienced a recent pullback of nearly 12% over the past week despite maintaining strong liquidity with a current ratio of 10.65.
In other recent news, Serve Robotics Inc. has generated approximately $80 million in gross proceeds from the sale of over 4 million shares of common stock to institutional investors. The funds will be allocated towards general corporate purposes, including bolstering its working capital. The company has also been under scrutiny following the acquisition of automation incubator, Vebu Inc., with concerns raised by short-seller Bonitas about the company’s ambitious target of deploying 2,000 robots by the end of 2025.
In a strategic move, Serve Robotics has appointed Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer, responsible for improving the performance and reliability of the company’s autonomous delivery robots. Analyst firms Ladenburg Thalmann and Seaport Global Securities have given the company a Buy rating, indicating expected substantial revenue growth.
In addition, Serve Robotics recently unveiled its third-generation delivery robot and secured approximately $35 million in private placement transactions facilitated by Aegis Capital Corp. The company also solidified its partnership with Magna International (NYSE:MGA) through an exclusive contract manufacturing agreement. These are the recent developments in the company’s operations.
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