Company: SERV
Filing Date: 2025-01-07
Form Type: 424B5
Source: 0001213900-25-001654
Chunk: 17

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-01-07
Form: 424B5
Chunk 17
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 book value per share attributable to the offering                         |     | $ | 1.14 |     |   |       |
| Pro forma as adjusted net tangible book value per share, after the Q4 Adjustment and this offering |     |   |      |     | $ |  3.95 |
| Dilution per share to new investors                                                                |     |   |      |     | $ | 15.05 |

The foregoing calculations exclude the following
shares of common stock:

| ● | 1,521,585 shares of our common stock issuable upon the exercise of options outstanding as of September                      
 30, 2024, at a weighted average exercise price of $0.84 per share under our 2021 Stock Plan and 2023 Equity Incentive Plan; |

| ● | 4,814,060 shares of our common stock issuable upon the vesting of restricted stock units outstanding as 
 of September 30, 2024 under our 2021 Stock Plan and 2023 Equity Incentive Plan; and                     |

| ● | 1,191,863 shares of our common stock issuable upon the exercise of outstanding but unexercised warrants 
 at a weighted average exercise price of $0.36 per share.                                                |

Except as otherwise indicated,
all information in this prospectus supplement and the accompanying prospectus assumes no exercise of the outstanding options or warrants
referred to above, no vesting and settlement of the outstanding restricted stock units referred to above. To the extent any outstanding
options or warrants to purchase our common stock are exercised or any outstanding restricted stock units or restricted stock units that
we may grant in the future vest, or we issue additional shares of common stock, new investors will experience further dilution.

In addition, we may choose
to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our
current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, you will
experience further dilution.

<div align='center'>S-9

PLAN OF DISTRIBUTION</div>

We have engaged Northland Securities,
Inc. to act as our exclusive placement agent, on a reasonable best efforts basis, in connection with this offering pursuant to this prospectus
supplement and accompanying prospectus. The terms of this offering are subject to market conditions and negotiations between us, the placement
agent, and prospective investors. The placement agency agreement does not give rise to any