Company: SERV
Filing Date: 2025-03-06
Form Type: S-3
Source: 0001213900-25-021234
Chunk: 61

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: S-3
Chunk 61
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 general
corporate purposes.

We will retain broad discretion over the use of the net proceeds from
the sale of the securities by us. The net proceeds may be invested temporarily until they are used for their stated purpose or for general
corporate purposes.

<div align='center'>S-8

Dilution</div>

If you purchase shares of our common stock in this offering, your interest
will be diluted to the extent of the difference between the public offering price per share of our common stock and the unaudited net
tangible book value per share of our common stock after this offering. As of December 31, 2024, our unaudited net tangible book value
was $131.7 million, or $2.57 per share of our common stock. 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 the sale by us of our common stock in the aggregate
amount of $150,000,000 in this offering at an assumed offering price of $8.40 per share, which was the last reported sale price of our
common stock on Nasdaq on March 4, 2025, and after deducting estimated offering expenses payable by us, our unaudited pro forma adjusted
net tangible book value as of December 31, 2024 would have been approximately $277.0 million, or $4.01 per share of our common stock.
This represents an immediate increase in as adjusted unaudited pro forma net tangible book value of $1.44 per share to existing stockholders
and an immediate dilution of $4.39 per share to new investors purchasing securities in this offering.

The following table illustrates the dilution:

| Assumed public offering price per share of our common stock                                                                                         |     |   |      |     | $ | 8.40 |
| Unaudited net tangible book value per share of our common stock as of December 31, 2024                                                             |     | $ | 2.57 |     |   |      |
| Increase per share of our common stock attributable to new investors in this offering                                                               |     | $ | 1.44 |     |   |      |
| As adjusted unaudited pro forma net tangible book value per share of our common stock as of December 31, 2024, after giving effect to this offering |     |