Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 71

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 related to the change in classification; all of which was included in general and administrative expense in the consolidated statements of operations. As of March 31, 2025, there were 107,526 shares of common stock issued, that are subject to the non-recourse note and deemed not outstanding.  During the three months ended March 31, 2025, the Company issued 270,570 of restricted stock units ("RSUs") with vesting periods ranging one month to four years. As of March 31, 2025, 121,660 RSUs vested and 5,480,113 RSUs remained outstanding and will vest over approximately 2.85 years.During the three months ended March 31, 2025 and 2024, the Company recorded stock-based compensation pertaining to vesting of restricted common stock and RSUs of $3,841,157 and $41,303, 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.

15

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,