05:51 AM EDT, 04/23/2024 (MT Newswires) -- Serve Robotics ( SERV ) said late Monday it closed an underwritten public offering of 10 million common shares at $4 per share for gross proceeds of $40 million.

Aegis Capital Corp. has been granted a 45-day option to purchase up to 1.5 million additional shares to cover over-allotments, which could boost the gross proceeds to $46 million, if exercised.

Net proceeds will be used to fund research and development, manufacturing activities, geographic expansion, working capital and other general corporate purposes.