10:48 AM EDT, 07/23/2024 (MT Newswires) -- Serve Robotics ( SERV ) said Tuesday it has signed an agreement with an investor to sell pre-funded warrants to buy 2.5 million of its shares, together with warrants to buy up to 2.5 million of its shares at an exercise price of $6 per share, for gross proceeds of about $15 million.

Each pre-funded warrant and warrant are being sold at a purchase price of $6. The warrants will expire five and a half years from the date of issuance.

The offering is expected to close around Wednesday.

Shares of Serve Robotics ( SERV ) fell more than 6% in recent trading.

Price: 8.22, Change: -0.55, Percent Change: -6.27