07:53 AM EDT, 10/10/2025 (MT Newswires) -- Serve Robotics ( SERV ) said Friday it agreed to purchase and sell 6.25 million shares of common stock in a registered direct offering to institutional investors, raising $100 million in gross proceeds.

The offering is expected to close around Oct. 14, the company said.

Serve Robotics ( SERV ) said it plans to use the net proceeds for general corporate purposes, including working capital.

Shares of the company fell 7% in recent Friday premarket activity.