Serve Robotics Inc. SERV shares are rising in after-hours trading on Thursday as momentum from regular trading appears to be continuing. Here’s what you need to know.
What you need to know: Serve Robotics stock has been in the spotlight since NVIDIA Corp NVDA announced last weekend that it was taking a 10% stake in the robotics company. The company’s shares have risen more than 500% since NVIDIA’s announcement.
Serve Robotics went public through a reverse merger with Patricia Acquisition Corp. According to TechCrunch, Serve Robotics originally started as Postmates’ robotics division. Autonomous sidewalk robots began making deliveries to Postmates customers in 2018, but when Uber acquired Postmates in 2020, the robotics division was spun off as Serve Robotics.
Saab Robotics announced the appointment of David Goldberg to its board of directors on Thursday morning and the reappointment of former Uber Technologies Inc. executive Sarfaraz Maledia.
“We are excited to welcome David to our board and extend Sarfaraz’s term. Their strategic insight, energy and perspective will be invaluable as we focus on growth and move Saab Robotics forward,” said Ali Kashani, Chairman of the Saab Robotics Board of Directors.
The recent trading activity appears to be mostly driven by retail investors. The stock saw increased buzz on social media platforms last week as traders highlighted Nvidia’s investment in the company. The same happened in February when Nvidia disclosed investments in ARM Holdings, Recursion Pharmaceuticals, SoundHound AI, TuSimple Holdings and NanoX Imaging.
SERV Price Action: Shares of Serve Robotics closed up 41.7% on Thursday, and according to Benzinga Pro, the stock was up another 8.74% in after-hours trading, trading at $13.19 at press time.
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Photo: Courtesy of Serve Robotics.
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