Company: SERV
Filing Date: 2025-01-07
Form Type: 424B5
Source: 0001213900-25-001654
Chunk: 16

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-01-07
Form: 424B5
Chunk 16
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 management will have broad discretion in the
application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds of this offering.
The net proceeds of this offering may be invested temporarily until they are used for their stated purpose.

<div align='center'>S-8

DILUTION</div>

If you invest in our common
stock in this offering, your ownership interest will be diluted to the extent of the difference between the public offering price per
share in this offering and the as adjusted net tangible book value per share immediately after this offering.

As of September 30, 2024, our
unaudited net tangible book value was $56.2 million, or $1.31 per share. We calculate net tangible book value per share by dividing our
net tangible assets (total tangible assets less total liabilities) by the number of shares of our common stock issued and outstanding.

After giving effect to (i) the sale and issuance
of 5,698,992 shares of our common stock sold subsequent to September 30, 2024 under our “at-the-market” equity offering program,
after deducting commissions and offering expenses payable by us, and the issuance of 3,355,161 shares of our common stock in connection
with exercises of warrants since September 30, 2024 (“Q4 Adjustment”) and (ii) our sale of 4,210,525 shares of our common
stock in this offering at the public offering price of $19.00 per share, and after deducting placement agent fees and estimated offering
expenses, our pro forma as adjusted net tangible book value as of September 30, 2024 would have been approximately $221.4 million, or
$3.95 per share. This represents an immediate increase in net tangible book value of $2.64 per share to existing stockholders and an immediate
dilution in net tangible book value of $15.05 per share to new investors purchasing shares of our common stock in this offering.

| Offering price per share of common stock                                                           |     |   |      |     | $ | 19.00 |
| Historical net tangible book value per share as of September 30, 2024                              |     | $ | 1.31 |     |   |       |
| Increase in net tangible book value per share attributable to the Q4 Adjustment                    |     | $ | 1.50 |     |   |       |
| Increase in net tangible