1 minute read | November.13.2024
Serve Robotics has entered into an equity distribution agreement that will enable it to raise up to $100 million by selling shares of common stock.
The company reached an agreement for an at-the-market offering with Northland Securities, Inc., B. Riley Securities, Inc. and Ladenburg Thalmann & Co. Inc.
Orrick advised Serve Robotics on plans for the at-the-market offering. Orrick has counseled Serve Robotics since 2021.
Serve develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical.
Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven.
The company has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
Albert Vanderlaan led the Orrick team that advised Serve Robotics. The team included Jongmin Char, Andrew Allen, Michelle Lee and Bailey Higgs.