Company: SERV
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001213900-25-024200
Chunk: 17

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-14
Form: 424B5
Chunk 17
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 book
value per share of our common stock to new investors to $5.28 per share, after deducting estimated aggregate offering expenses payable
by us. A decrease of $1 per share in the price at which the shares are sold from the assumed offering price of $7.40 per share shown in
the table above, assuming all of the shares of our common stock in the aggregate amount of $150,000,000 are sold at that price, would
increase our as unaudited adjusted pro forma net tangible book value per share of our common stock after the offering of $3.87 per share
and would result in dilution in net tangible book value per share of our common stock to new investors of $3.53 per share, after deducting
estimated aggregate offering expenses payable by us. This information is supplied for illustrative purposes only and may differ based
on the actual offering price and the actual number of shares of our common stock sold in this offering.

The number of shares of our common stock expected to be outstanding
immediately after this offering included in the table above is based on 51,288,566 shares of our common stock, reflective of the number
of shares of our common stock outstanding as of December 31, 2024, and does not reflect issuances subsequent to December 31, 2024. As
of March 4, 2025, there were 56,918,226 shares of our common stock outstanding, and, assuming the sale of 17,857,143 shares of our common
stock in this offering at an offering price of $8.40 per share, there will be approximately 74,775,369 shares of our common stock outstanding.
The actual number of shares of our common stock issued will vary depending on the sale price under this offering.

To the extent that other shares of our common stock are issued, investors
purchasing shares of our common stock in this offering could experience further dilution. In addition, we may choose to raise additional
capital due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating
plans.

<div align='center'>S-9

Dividend Policy</div>

We have not paid any cash dividends on our common stock to date. We
may retain future earnings, if any, for future operations, expansion and debt repayment and have no current plans to pay cash dividends
for the foreseeable future. Any decision to declare and pay dividends in the future