09:27 AM EST, 01/07/2025 (MT Newswires) -- Serve Robotics ( SERV ) shares were down more than 13% premarket Tuesday after the company said it signed securities purchase agreements with certain institutional investors for an $80 million registered direct offering.

The agreements cover the sale of about 4.2 million common shares to raise $80 million in gross proceeds, according to the statement.

Serve Robotics ( SERV ) said it expects to close the offering on or about Tuesday and that proceeds will be used for general purposes including working capital.