Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 84

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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, there were 107,046 shares of the Company’s common stock issued, that are subject to the non-recourse note and deemed not outstanding.  During the six months ended June 30, 2025, the Company issued 1,512,435 of restricted stock units (“RSUs”) with vesting periods ranging one month to four years. As of June 30, 2025, 343,553 RSUs vested and 6,495,638 RSUs remained outstanding and will vest over approximately 3.05 years.During the three months ended June 30, 2025 and 2024, the Company recorded stock-based compensation pertaining to vesting of restricted common stock and RSUs of $4.02 million and $0.95 million, respectively. During the six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation pertaining to vesting of restricted common stock and RSUs of $7.86 million and $1.00 million, respectively.The following table summarizes restricted common stock and RSU activity for the six months ended June 30, 2025: 

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Restricted Common StockRestricted Stock UnitsNumber of SharesWeighted Average Grant Date Fair Value Per ShareNumber of SharesWeighted Average Grant Date Fair Value Per ShareNonvested as of December 31, 2024996,799$0.38 5,362,326$7.49 Granted-- 1,512,4359.76 Vested(414,343)- *(343,553)2.45 Forfeited(31)- (35,570)10.06 Nonvested as of June 30, 2025582,425$0.09 6,495,638$7.84 *The weighted average fair value for the vested restricted common stock at June 30, 2025 is less than $0.01.WarrantsThe following is a summary of warrants for the six months ended June 30, 2025: Warrants Weighted Average Exercise PriceOutstanding as of December 31, 20243,340,011$6.56 Granted—— Exercised(2,243,530)5.13 Forfeited—— Outstanding as of June 30, 20251,096,481$9.40    Exercisable as of June 30, 20251,096,481$9.40 The