Company: SERV
Filing Date: 2025-03-14
Form Type: 424B5
Source: 0001213900-25-024200
Chunk: 12

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-14
Form: 424B5
Chunk 12
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 throughout the term of the Sales Agreement.
The number of shares that are sold through the Agent after delivering a placement notice will fluctuate based on a number of factors,
including the market price of our common stock during the sales period, any limits we may set with the Agent in any applicable placement
notice, and the demand for our common stock. Because the price per share of each share sold pursuant to the Sales Agreement will fluctuate
over time, it is not currently possible to predict the number of shares that will be sold or the aggregate proceeds to be raised in connection
with sales under the Sales Agreement.

The common stock offered hereby will be sold in “at the market offerings,” and investors who buy shares at different times will likely pay different prices.

Investors who purchase shares in this offering at different times will
likely pay different prices, and accordingly may experience different levels of dilution and different outcomes in their investment results.
We will have discretion, subject to market demand, to vary the timing, prices, and number of shares sold in this offering. In addition,
subject to the final determination by our Board of Directors or any restrictions we may place in any applicable placement notice delivered
to the Agent, there is no minimum or maximum sales price for shares to be sold in this offering. Investors may experience a decline in
the value of the shares they purchase in this offering as a result of sales made at prices lower than the prices they paid.

Our current business plans require a significant amount of capital. If we are unable to obtain sufficient funding or do not have access to capital, we may not be able to execute our business plans and our prospects, financial condition and results of operations could be materially adversely affected.

In addition to the net proceeds received under the Sales Agreement,
we expect to continue to seek other sources of funding, including by offering additional equity and/or equity-linked securities through
one or more credit facilities and potentially by offering debt securities to finance a portion of our future expenditures. We have experienced
operating losses, and we expect to continue to incur operating losses as we implement our business plans. We expect our capital expenditures
to continue to be significant in the foreseeable future as we expand our business. We expect to expend capital with significant outlays
directed both toward bringing our current vehicle programs to market as well as developing additional vehicles, along with related products
and service offerings. The fact that we have a limited operating history means we have limited historical data on the demand for our services.
As a result, our capital requirements are uncertain