08:27 AM EST, 01/06/2025 (MT Newswires) -- Serve Robotics ( SERV ) said Monday it had raised $86 million in gross proceeds in December, bringing its gross proceeds raised for the year to $167 million.

The additional funding was raised through a previously filed ATM facility and the exercise of certain warrants. The funding is expected to "significantly" strengthen the company's financial position and extend its operational runway through the end of 2026.

"Looking ahead, we believe we are well-positioned to continue to scale our operations and enter new markets in 2025 and beyond," Serve Robotics ( SERV ) Chief Financial Officer Brian Read said.

At the end of 2024, the company had about 51.5 million outstanding common shares.

Shares of Serve Robotics ( SERV ) added more than 8% in recent premarket activity on Monday.

Price: 20.69, Change: +1.66, Percent Change: +8.74