Company: SERV
Filing Date: 2025-01-07
Form Type: 424B3
Source: 0001213900-25-001710
Chunk: 93

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-01-07
Form: 424B3
Chunk 93
---
The foregoing Placement Agency
Agreement is hereby confirmed and accepted as of the date first above written.

NORTHLAND SECURITIES, INC.

| By: | /s/ Jeff Peterson |                            |
|     | Name:             | Jeff Peterson              |
|     | Title:            | Head of Investment Banking |

<div align='center'>[Signature Page to Placement Agency Agreement]

65</div>

Exhibit 99.1

Serve Robotics Announces $80 Million Registered Direct Offering of Common Stock

SAN FRANCISCO, January 7, 2025 —Serve Robotics Inc. (“Serve”
or the “Company”) (Nasdaq: SERV), a leading autonomous sidewalk delivery company, announced today that the Company has entered
into securities purchase agreements with certain institutional investors for the purchase and sale of 4,210,525 shares of common stock,
pursuant to a registered direct offering, expected to result in gross proceeds of approximately $80.0 million, before deducting placement
agent fees and other offering expenses. The offering is expected to close on or about January 7, 2025, subject to the satisfaction of
customary closing conditions.

The Company intends to use net proceeds from the offering for general
corporate purposes, including working capital.

Northland Capital Markets is acting as the exclusive placement agent
for the transaction.

The offering is being made pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-282389), which was declared effective by the Securities and Exchange Commission (the “SEC”)
on October 3, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed
with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies
of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150
South Fifth Street, Suite 3300, Minneapolis, MN.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or jurisdiction.

About Serve Robotics

Serve Robotics develops advanced, AI-powered, low-emissions sidewalk
delivery robots that endeavor to