Serve Robotics Stock Tumbles After $100 Million Direct Offering
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Oct 10 - Serve Robotics 
SERV shares fell more than 7% in premarket trading Friday after the delivery robot maker said it signed agreements with institutional investors to sell new shares in a direct offering.
The company said investors agreed to purchase about 6.25 million shares of its common stock, which is expected to generate roughly $100 million in gross proceeds, according to a Friday press release.
Serve Robotics said it plans to use the net proceeds for general corporate purposes, which may include funding day-to-day operations and strengthening working capital.
The offering comes as the company continues to expand its autonomous delivery operations in U.S. cities.