Company: SERV
Filing Date: 2025-01-07
Form Type: 424B5
Source: 0001213900-25-001654
Chunk: 15

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-01-07
Form: 424B5
Chunk 15
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 experienced operating losses, and we expect to continue to incur operating losses as we implement our business plans. We expect
our capital expenditures to continue to be significant in the foreseeable future as we expand our business. We expect to expend capital
with significant outlays directed both toward bringing our current vehicle programs to market as well as developing additional vehicles,
along with related products and service offerings. The fact that we have a limited operating history means we have limited historical
data on the demand for our services. As a result, our capital requirements are uncertain and actual capital requirements may be different
from those we currently anticipate. In addition, new opportunities for growth in future services and markets may arise and may require
additional capital.

The sale of additional equity
or equity-linked securities could dilute our stockholders. The incurrence of indebtedness would result in increased debt service obligations
and could result in operating and financing covenants that would restrict our operations or our ability to pay dividends to our stockholders.
Our ability to obtain the necessary additional financing to carry out our business plans is subject to a number of factors, including
general market conditions and investor acceptance of our business model. These factors may make the timing, amount, terms and conditions
of such financing unattractive or unavailable to us. If we are unable to raise sufficient funds on favorable terms, we may have to significantly
reduce our spending, delay or cancel our planned activities or substantially change our corporate structure. We might not be able to
obtain any such funding or we might not have sufficient resources to conduct our business as projected, both of which could mean that
we would be forced to curtail or discontinue our operations and our prospects, financial consolidated results of operations could be
materially adversely affected, in which case our investors could lose some or all of their investment.

<div align='center'>S-7

USE OF PROCEEDS</div>

We estimate that the net proceeds from our issuance
and sale of shares of our common stock in this offering will be approximately $75.8 million, after deducting placement agent fees and
estimated offering expenses payable by us.

We intend to use the net proceeds
from this offering for general corporate purposes, including for working capital, capital expenditures and general and administrative
expenses.

Our expected use of the net
proceeds from this offering represents our current intentions based upon our present plans and business conditions. The amounts and timing
of our actual use of net proceeds will vary depending on numerous factors. As a result, our