Serve Robotics (SERV) Registration Filing summary

Company overview and business model

• Designs, develops, and operates low-emissions, AI-powered delivery robots for public spaces, initially targeting food delivery.

• Originated as a project within Postmates, later acquired by Uber, which retains a minority equity interest.

• As of December 31, 2024, operated over 100 robots, with plans to deploy 2,000 by end of 2025.

• Integrated with Uber Eats for real-time delivery requests and status updates.

• Leadership team includes veterans from major tech and delivery companies, leveraging expertise in AI, automation, and logistics.

Financial performance and metrics

• As of March 4, 2025, 56,918,226 shares of common stock were outstanding.

• Unaudited net tangible book value as of December 31, 2024, was $2.57 per share; pro forma adjusted net tangible book value after offering would be $4.01 per share.

• Immediate dilution to new investors in the offering is estimated at $4.39 per share.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including R&D, capital expenditures, SG&A, facilities expansion, and working capital.

• Management retains broad discretion over allocation; may also evaluate acquisitions, though none are currently planned.

• Proceeds may be temporarily invested in investment-grade, interest-bearing securities.