Company: SERV
Filing Date: 2025-03-06
Form Type: S-3
Source: 0001213900-25-021234
Chunk: 64

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: S-3
Chunk 64
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 shares to be sold in any one day and any minimum price below which sales may not be made. Once we
have so instructed an Agent, unless such Agent declines to accept the terms of such notice, each Agent has agreed to use its commercially
reasonable efforts consistent with normal trading and sales practices to sell such shares up to the amount specified on such terms. The
obligations of the Agents under the Sales Agreement to sell shares of our common stock are subject to a number of conditions that we must
meet.

The settlement of sales of shares between us and the Agents is generally
anticipated to occur on the first trading day following the date on which the sale was made. Sales of shares of our common stock as contemplated
in this prospectus will be settled through the facilities of The Depository Trust Company or by such other means as we and the Agents
may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

We will pay the Agents a commission equal to 3.0% of the gross offering
proceeds of the shares of our common stock sold pursuant to the Sales Agreement. Because there is no minimum offering amount required
as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable
at this time. In addition, we have agreed in the Sales Agreement to reimburse the Agents for the fees and disbursements of its counsel
incurred in connection with the offering contemplated by the Sales Agreement, including any review and qualification by FINRA, in an amount
not to exceed $75,000 through the fourth business day following execution of the Sales Agreement, in addition to an amount up to $25,000
for each quarterly period thereafter. TCBI Securities, Inc., doing business as Texas Capital Securities (“TCBI”), is acting
as our financial advisor in connection with this offering, for which we will pay TCBI 8,500 unregistered shares of our common stock. We
estimate that the total expenses for the offering, excluding any commissions or expense reimbursement payable to the Agents under the
terms of the Sale Agreement and exclusive of the fee paid to TCBI, will be approximately $95,000. The remaining sale proceeds, after deducting
any other transaction fees, will equal our net proceeds from the sale of such shares.

The Agents will provide written confirmation to us following the close
of trading on Nasdaq each day in which shares of our common stock are sold under