Company: SERV
Filing Date: 2025-03-06
Form Type: S-3
Source: 0001213900-25-021234
Chunk: 62

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: S-3
Chunk 62
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 |      |     | $ | 4.01 |
| Dilution in unaudited pro forma net tangible book value per share of our common stock to new investors purchasing our common stock in this offering |     |   |      |     | $ | 4.39 |

The table above assumes, for illustrative purposes, that an aggregate
of 17,857,143 shares of our common stock are sold at a price of $8.40, which was the last reported sale price of our common stock on Nasdaq
on March 4, 2025, per share for aggregate gross proceeds of $150,000,000. An increase of $1 per share in the price at which the shares
of our common stock are sold from the assumed offering price of $9.40 per share shown in the table above, assuming all of the shares of
our common stock in the aggregate amount of $150,000,000 are sold at that price, would increase our as unaudited adjusted pro forma net
tangible book value per share of our common stock after the offering of $4.12 per share and would result in dilution in net tangible book
value per share of our common stock to new investors to $5.28 per share, after deducting estimated aggregate offering expenses payable
by us. A decrease of $1 per share in the price at which the shares are sold from the assumed offering price of $7.40 per share shown in
the table above, assuming all of the shares of our common stock in the aggregate amount of $150,000,000 are sold at that price, would
increase our as unaudited adjusted pro forma net tangible book value per share of our common stock after the offering of $3.87 per share
and would result in dilution in net tangible book value per share of our common stock to new investors of $3.53 per share, after deducting
estimated aggregate offering expenses payable by us. This information is supplied for illustrative purposes only and may differ based
on the actual offering price and the actual number of shares of our common stock sold in this offering.

The number of shares of our common stock expected to be outstanding
immediately after this offering included in the table above is based on 51,288,566 shares of our common stock, reflective of the number
of shares of our common stock outstanding as of December 31, 2024, and does not reflect issuances subsequent to December 31, 202