Overview
- Serve and DoorDash signed a multi-year partnership to deploy autonomous robot deliveries across the United States, with key commercial terms undisclosed.
- The company entered agreements to sell 6,250,000 shares in a registered direct offering for expected gross proceeds of about $100 million, with closing targeted around October 14.
- Net proceeds are earmarked for general corporate purposes, including working capital, with Northland Capital Markets as placement agent and Oppenheimer and Wedbush as advisors.
- Shares jumped roughly 24.5% after the partnership announcement, then fell about 14% following news of the equity raise, reflecting mixed investor sentiment.
- Serve reports operational momentum with more than 1,000 robots in service and a goal of 2,000 by year-end, over 100,000 deliveries completed, and ongoing losses alongside very low 2024 revenue as reported.