Serve Robotics (NASDAQ: SERV) stock surged during intraday trading after the company added David Goldberg to the board and extended the term for Sarfraz Maredia.
Serve Robotics has announced significant updates to its Board of Directors, including the addition of David Goldberg and the re-election of Sarfraz Maredia, an executive from Uber Technologies (NYSE: UBER). The stockholders approved these appointments during the company’s annual meeting last week.
David Goldberg brings over 20 years of industry experience to the board, promising to provide invaluable strategic insights and leadership. Sarfraz Maredia’s continued presence on the board further strengthens Serve Robotics’ leadership team, as the company looks to capitalize on growth opportunities in the robotics sector.
The development comes shortly after Serve Robotics secured $15 million in funding from a single institutional investor through a private placement. This placement involves pre-funded warrants sale to purchase 2.5 million shares of common stock and warrants to purchase an additional 2.5 million shares at an exercise price of $6.00 per share. Serve Robotics plans to use the gross proceeds from this offering to support its strategic growth initiatives.
Serve Robotics (NASDAQ: SERV) Stock Price Action
SERV stock jumped 9% on Friday, closing at $13.22, marking a 75.10% increase for the week. The trading volume was 87,887,760 shares, significantly higher than the average daily volume of 10.63 million.
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