Company: SERV
Filing Date: 2025-01-07
Form Type: 424B5
Source: 0001213900-25-001654
Chunk: 12

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-01-07
Form: 424B5
Chunk 12
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 stock by existing stockholders, or the perception that these sales may occur, especially by our directors, executive officers or significant stockholders, may cause our stock price to decline.

If our existing stockholders, in particular our
directors, executive officers or other affiliates, sell substantial amounts of our common stock in the public market, or are perceived
by the public market as intending to sell, the trading price of our common stock could decline. In addition, sales of these shares of
common stock could impair our ability to raise capital, should we wish to do so. We cannot predict the timing or amount of future sales
of our common stock by existing stockholders, but such sales, or the perception that such sales could occur, may adversely affect prevailing
market prices for our common stock.

<div align='center'>S-5</div>

If you purchase shares of our common stock in this offering, you will incur immediate and substantial dilution in the book value of your shares.

Investors purchasing shares of our common stock
in this offering will pay a price per share that substantially exceeds the pro forma as adjusted net tangible book value per share. As
a result, investors purchasing shares of our common stock included in this offering will incur immediate dilution of $15.05 per share,
representing the difference between the offering price of $19.00 per share and our pro forma as adjusted net tangible book value per share
of $3.95 as of September 30, 2024. To the extent outstanding options or warrants to purchase our common stock are exercised and to the
extent that we issue shares of our common stock following the closing of this offering, new investors may incur further dilution. For
more information on the dilution you may experience as a result of investing in this offering, see the section entitled “Dilution”
on page S-9 of this prospectus supplement.

Because we do not anticipate paying any cash dividends on our common stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.

We have never declared or paid
cash dividends on our common stock. We anticipate that we will retain our earnings, if any, for future growth and therefore do not anticipate
paying cash dividends in the future. As a result, only appreciation of the price of our common stock will provide a return to shareholders.

We may incur significant costs from class action litigation due to share volatility.

Our share price may fluctuate
for many reasons, including as a result of public