Company: SERV
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001213900-25-024200
Chunk: 16

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-14
Form: 424B5
Chunk 16
---
 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 |     |   |      |     | $ | 4.01 |
| Dilution in unaudited pro forma net tangible book value per share of our common stock to new investors purchasing our common stock in this offering |     |   |      |     | $ | 4.39 |

The table above assumes, for illustrative purposes, that an aggregate
of 17,857,143 shares of our common stock are sold at a price of $8.40, which was the last reported sale price of our common stock on Nasdaq
on March 4, 2025, per share for aggregate gross proceeds of $150,000,000. An increase of $1 per share in the price at which the shares
of our common stock are sold from the assumed offering price of $9.40 per share shown in the table above, assuming all of the shares of
our common stock in the aggregate amount of $150,000,000 are sold at that price, would increase our as unaudited adjusted pro forma net
tangible book value per share of our common stock after the offering of $4.12 per share and would result in dilution in net tangible