Shares of Saab Robotics Inc. (SERV) are soaring higher on Friday, driven by a continuation of momentum from yesterday and the company’s recent positive performance.
What Happened: Earlier this week, Serve Robotics announced that it had completed a $15 million private placement with a single institutional investor. The private placement includes the sale of pre-funded warrants to purchase 2.5 million common shares and warrants to purchase up to an additional 2.5 million shares at an exercise price of $6 per share. Total proceeds from the offering will be used to support Serve’s strategic growth initiatives.
Additionally, Serve Robotics has appointed financial leader David Goldberg and re-elected Uber Technologies executive Sarfraz Maredia to its board of directors at the company’s 2024 Annual Meeting. With more than 20 years of experience, David Goldberg and Sarfraz Maredia, who will continue to serve on the board, are expected to provide valuable strategic insight and leadership as Serve Robotics pursues further growth.
Other: The stock has seen above average trading volume with 66.934 Million shares traded against its 100-day average volume of 9.073 Million. Additionally, Serve Robotics is trending on social media platforms such as Yahoo Finance.
Recent trading activity also shows that Serve Robotics shares have seen increased attention since NVIDIA Corp NVDA reported holding a 10% stake in the robotics company near the end of last week.
SERV Price Movement: Serve Robotics shares are up 16% to trade at $14.09, according to Benzinga Pro.
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Photo courtesy of Serve Robotics, Inc.
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