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Investing.com -- Serve Robotics Inc. (NASDAQ:SERV) stock fell 7% Friday after the autonomous sidewalk delivery company announced a $100 million registered direct offering of common stock.
The decline follows a 29% surge on Thursday when the company revealed a partnership with DoorDash for autonomous delivery expansion.
Serve Robotics said it has entered into securities purchase agreements with institutional investors for 6,250,000 shares of common stock in a registered direct offering expected to generate approximately $100 million in gross proceeds before deducting placement agent fees and other expenses.
The company plans to use the net proceeds for general corporate purposes, including working capital. The offering is expected to close around October 14, 2025, subject to customary closing conditions.
Serve Robotics, which specializes in autonomous sidewalk delivery technology, has seen significant stock volatility this week following its DoorDash partnership announcement and subsequent equity offering.
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