Company: SERV
Filing Date: 2025-01-07
Form Type: 424B3
Source: 0001213900-25-001716
Chunk: 93

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-01-07
Form: 424B3
Chunk 93
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) The
Company acknowledges that in connection with the offering of the Shares: (i) the Placement Agent has acted at arms length, are not agents
of, and owe no fiduciary duties to the Company or any other person, (ii) the Placement Agent owes the Company only those duties and obligations
set forth in this Agreement and (iii) the Placement Agent may have interests that differ from those of the Company. The Company waives
to the full extent permitted by applicable law any claims it may have against the Placement Agent arising from an alleged breach of fiduciary
duty in connection with the offering of the Shares.

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64</div>

If the foregoing is in accordance
with your understanding of our agreement, please sign below whereupon this instrument, along with all counterparts hereof, shall become
a binding agreement in accordance with its terms.

| Very truly yours,      |                |                         |
| SERVE ROBOTICS INC.,   |                |                         |
| a Delaware corporation |                |                         |
| By:                    | /s/ Brian Read |                         |
|                        | Name:          | Brian Read              |
|                        | Title:         | Chief Financial Officer |

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