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Ali Kashani, the Chief Executive Officer of Serve Robotics Inc. (NASDAQ:SERV), recently sold a significant portion of his holdings in the company. The sale comes as the stock shows significant momentum, with a 69.56% return over the past week and trading near overbought levels according to InvestingPro analysis. According to a recent SEC filing, Kashani sold a total of 45,000 shares of common stock in multiple transactions. The sales, executed on January 3 and January 6, 2025, were carried out at prices ranging from $16.24 to $22.84 per share, amounting to a total value of approximately $922,750.
Following these transactions, Kashani retains direct ownership of 3,230,990 shares. Additionally, there are 16,070 shares indirectly owned by his spouse. The sales were conducted under a pre-established Rule 10b5-1 plan, which Kashani adopted in August 2024.
In other recent news, Serve Robotics has made several significant moves. The company secured approximately $80 million from a direct offering of over 4 million shares of common stock, with the proceeds earmarked for general corporate purposes, including bolstering working capital. Serve Robotics has also faced scrutiny following its acquisition of Vebu Inc., an automation incubator, with concerns raised by short-seller Bonitas regarding the company's ambitious target of deploying 2,000 robots by the end of 2025.
In the realm of personnel changes, Anthony Armenta has been appointed as the new Chief Software (ETR:SOWGn) and Data Officer, tasked with improving the performance and reliability of Serve's autonomous delivery robots. Analyst firms Ladenburg Thalmann and Seaport Global Securities have given Serve Robotics a Buy rating, indicating expected substantial revenue growth for the company.
Serve Robotics has also unveiled its third-generation delivery robot, designed to enhance delivery efficiency and safety while reducing manufacturing costs. Furthermore, the company has secured approximately $35 million in private placement transactions facilitated by Aegis Capital Corp. Lastly, Serve Robotics has 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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