Euan Abraham, the Chief Hardware and Manufacturing Officer at Serve Robotics Inc. (NASDAQ:SERV), recently sold shares of the company's common stock. The transaction comes as the stock shows significant volatility, having gained over 600% in the past six months despite a recent 12% decline last week, according to InvestingPro data. According to the SEC filing, Abraham sold 260 shares on January 7, 2025, at an average price of $19.2751 per share, amounting to a total value of approximately $5,011. Following this transaction, Abraham holds 150,518 shares directly. The sale was executed to satisfy tax withholding obligations related to the acquisition of shares through restricted stock units. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 10.65, though it currently trades at elevated multiples. Subscribers can access 12 additional ProTips and comprehensive financial metrics.
In other recent news, Serve Robotics has made substantial strides in its operations. The company has announced a registered direct offering of over 4 million shares, anticipated to yield approximately $80 million. This funding is slated for general corporate purposes, including bolstering working capital. Additionally, Serve Robotics has faced criticism for its acquisition of Vebu Inc., due to concerns raised by short-seller Bonitas about the company's director, James Buckly Jordan.
The company has also made key personnel changes, appointing Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer. Armenta will be responsible for enhancing the performance and reliability of Serve's autonomous delivery robots. On the investment front, Serve Robotics has received a Buy rating from both Ladenburg Thalmann and Seaport Global Securities, indicating an expectation for significant revenue growth.
Furthermore, the company has unveiled its third-generation delivery robot, set to enter service in 2025. This new model aims to increase delivery efficiency and safety while reducing manufacturing costs. Serve Robotics has also secured approximately $35 million in private placement transactions facilitated by Aegis Capital Corp. Lastly, the company has affirmed its partnership with Magna International (NYSE:MGA) through an exclusive contract manufacturing agreement. These are the recent developments surrounding Serve Robotics.
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