Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 36

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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303, respectively. The following table summarizes restricted common stock and RSU activity for the three months ended March 31, 2025: Restricted Common StockRestricted Stock UnitsNumber of SharesWeighted Average Fair ValueNumber of SharesWeighted Average Fair ValueNonvested as of December 31, 2024996,799$0.38 5,362,326$7.49 Granted-- 270,57016.70 Vested(296,189)- *(121,660)3.49 Forfeited-- (31,123)10.51 Nonvested as of March 31, 2025700,610$0.08 5,480,113$8.02 *The weighted average fair value for the vested restricted common stock at March 31, 2025 is less than $0.01.

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WarrantsThe following is a summary of warrants for the three months ended March 31, 2025: Warrants Weighted Average Exercise PriceOutstanding as of December 31, 20243,340,011$6.56 Granted—— Exercised(1,169,222)9.84 Forfeited—— Outstanding as of March 31, 20252,170,789$4.75    Exercisable as of March 31, 20252,170,789$4.75 The weighted-average remaining term of the warrants outstanding was 6.71 years as of March 31, 2025.Magna WarrantOn February 1, 2024, Serve entered into a Master Services Agreement (the “MSA”) with Magna, retroactively effective as of January 15, 2024.In connection with the strategic partnership with Magna, on February 7, 2024, the Company issued to Magna a warrant (the “Magna Warrant”) to purchase up to 2,145,000 shares of its common stock (the “Magna Warrant Shares”), subject to at an exercise price of $0.01 per share. The Magna Warrant was issued pursuant to a production agreement executed in connection with the MSA between the parties in April 2024 whereby Magna will assist the Company in assembly of robotic delivery vehicles.The Magna Warrant is exercisable in two equal tranches: (i) the first tranche became exercisable in May 2024; and (ii) the second tranche