04:03 AM EDT, 04/18/2024 (MT Newswires) -- Serve Robotics said Wednesday it priced a public offering of 10 million common shares at $4 per share for gross proceeds of $40 million.

The offering includes the participation of Serve stockholder and partner, Postmates, a subsidiary of Uber Technologies ( UBER ) , from which Serve was spun off in 2021.

Serve also granted underwriter Aegis Capital a 45-day option to purchase up to 1.5 million additional shares. If Aegis fully exercises its overallotment option, gross proceeds from the offering, which is set to close around April 22, are estimated to be about $46 million.

Net proceeds from the offering are expected to be used to fund the research and development of the company's robots, expand manufacturing and for other general corporate purposes.

In connection with the offering, the autonomous food delivery company also said it will begin trading on the Nasdaq Capital Market this Thursday under the ticker symbol, "SERV," scrapping the "SBOT" ticker it traded under on the OTCQB Venture Market.