BofA warns Fed risks policy mistake with early rate cuts
Touraj Parang, President and COO of Serve Robotics Inc. (NASDAQ:SERV), recently sold 796 shares of the company’s common stock. The transaction, which took place on February 27, was executed at a price of $9.20 per share, totaling $7,323. This sale was conducted to satisfy tax withholding obligations related to the acquisition of shares through the settlement of vested restricted stock units. Following this transaction, Parang retains direct ownership of 1,162,090 shares in the company. With earnings scheduled for March 6, investors tracking insider activity can access comprehensive analysis and 13 additional ProTips through InvestingPro.
In other recent news, Serve Robotics Inc. has entered into agreements for a registered direct offering of common stock, expected to generate approximately $80 million in gross proceeds. The transaction, facilitated by Northland Capital Markets, is anticipated to close soon, and the proceeds are earmarked for general corporate purposes, including working capital. Additionally, Serve Robotics announced an expansion into the Miami metro area, partnering with Shake Shack (NYSE:SHAK) and Mister O1 Extraordinary Pizza to deploy delivery robots in select locations. This move builds on its existing operations in Los Angeles and plans for entry into the Dallas-Fort Worth market. However, the company is facing scrutiny after its acquisition of Vebu Inc., with short-seller Bonitas raising concerns about the transaction’s benefits to insiders. The acquisition has also brought to light challenges in meeting ambitious deployment targets, with only 59 robots in operation compared to a target of 2,000 by the end of 2025. Furthermore, Nvidia (NASDAQ:NVDA)’s recent 13F filing revealed that it no longer holds a stake in Serve Robotics, influencing investor sentiment negatively. Despite these developments, Serve Robotics continues to be a player in the competitive autonomous delivery market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.