Company: SERV
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001213900-25-024200
Chunk: 11

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-14
Form: 424B5
Chunk 11
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by existing stockholders, but such sales, or the perception that such sales could occur, may adversely affect prevailing market prices
for our common stock.

Purchasers in this offering will experience immediate and substantial dilution in the book value of their investment.

The price per share of our common stock being offered may be higher
than the net tangible book value per share of our outstanding common stock prior to this offering. Assuming that an aggregate of 17,857,143
shares of our common stock are sold at a price of $8.40 per share, the last reported sale price of our common stock on Nasdaq on March
4, 2025, for aggregate gross proceeds of approximately $150,000,000, new investors in this offering would incur immediate dilution of
$4.39 per share. For a more detailed discussion of the foregoing, see the section entitled “Dilution” below. To the extent
outstanding stock options or warrants are exercised, there will be further dilution to new investors. In addition, to the extent we need
to raise additional capital in the future, and we issue shares of our common stock or securities convertible or exchangeable for our common
stock, our then existing stockholders may experience dilution and the new securities may have rights senior to those of our common stock
offered in this offering.

Future sales of equity could result in dilution to our existing stockholders.

In order to raise additional capital, we may in the future offer
additional shares of our common stock or other securities convertible into or exchangeable for our common stock at prices that may
not be the same as the price per share in this offering. We may sell shares or other securities in any other offering at a price per
share that is less than the price per share paid by any investors in this offering, and investors purchasing shares or other
securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares
of our common stock, or securities convertible or exchangeable into our common stock, in future transactions may be higher or lower
than the price per share paid by any investors in this offering.

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It is not possible to predict the number of shares that will be issued or the aggregate proceeds resulting from sales made under the Sales Agreement.

Subject to certain limitations in the Sales Agreement and compliance
with applicable law, we have the discretion to deliver a placement notice to the Agent at any time