05:49 AM EDT, 08/28/2024 (MT Newswires) -- Serve Robotics ( SERV ) said late Tuesday it signed an agreement with a single institutional investor that will likely result in about $20 million in gross proceeds.

The private placement is related to pre-funded warrants to purchase 555,555 common shares and a warrant to purchase up to 555,555 shares at an exercise price of $10 per share.

The transaction to execute the sale and purchase agreement will likely close around this Wednesday.

Shares of the company declined over 1% in pre-bell activity.

Price: 9.35, Change: -0.12, Percent Change: -1.27