Company: SERV
Filing Date: 2025-03-06
Form Type: S-3
Source: 0001213900-25-021234
Chunk: 58

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: S-3
Chunk 58
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 in this offering as a result of sales made at prices lower than the prices they paid.

Our current business plans require a significant amount of capital. If we are unable to obtain sufficient funding or do not have access to capital, we may not be able to execute our business plans and our prospects, financial condition and results of operations could be materially adversely affected.

In addition to the net proceeds received under the Sales Agreement,
we expect to continue to seek other sources of funding, including by offering additional equity and/or equity-linked securities through
one or more credit facilities and potentially by offering debt securities to finance a portion of our future expenditures. We have 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-6

Cautionary Note Regarding Forward