REDWOOD CITY, CA—Serve Robotics Inc. (NASDAQ:SERV), a company specializing in miscellaneous transportation equipment, announced the results of its annual stockholders meeting held on Monday. The meeting, which addressed several key proposals, saw the ratification of the company's public accounting firm and the approval of an amendment to its equity incentive plan.
Stockholders elected Sarfraz Maredia and David Goldberg as Class I directors, with Maredia receiving 20,509,297 votes for and 1,224,199 abstentions, while Goldberg garnered 21,230,199 votes for and 503,297 abstentions. Both will serve until the 2027 annual meeting of stockholders.
In the second proposal, the selection of dbbmckennon as Serve Robotics' independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with an overwhelming majority of 25,113,740 votes for, 1,786 against, and 495,482 abstentions.
The third proposal, concerning the amendment of the Company’s 2023 Equity Incentive Plan, was also approved. The amendment increases the aggregate number of shares authorized for issuance under the plan. The proposal received 20,299,422 votes for, 924,915 against, and 509,159 abstaining.
The quorum for the meeting was achieved with approximately 69.03% of the eligible shares represented in person or by proxy. The meeting's outcomes are detailed in a recent 8-K filing with the Securities and Exchange Commission.
The decisions made at the annual meeting reflect the stockholders' support for the current management and strategic initiatives. Serve Robotics, which has its principal executive offices in Redwood (NYSE:RWT) City, California, continues to progress in the transportation equipment sector under its current leadership.
In other recent news, Serve Robotics Inc. has secured approximately $15 million through a private placement transaction with an institutional investor. The company also announced the promotion of Euan Abraham to Chief Hardware & Manufacturing Officer, a strategic move expected to drive innovation as Serve Robotics enters its next phase of growth. Serving as the exclusive placement agent for the offering was Aegis Capital Corp., with Orrick, Herrington & Sutcliffe LLP and Sichenzia Ross Ference Carmel LLP providing legal counsel.
In addition, Serve Robotics has expanded its delivery operations into Koreatown, Los Angeles, and enhanced its robotic fleet's sensors through an augmented lidar supply agreement with Ouster, Inc. In line with its growth strategy, the company has solidified its partnership with Magna International (NYSE:MGA), initiating an exclusive contract manufacturing agreement. This collaboration is expected to facilitate Serve's expansion of its robot fleet for Uber (NYSE:UBER) Eats and other U.S. markets.
InvestingPro Insights
As Serve Robotics Inc. (NASDAQ:SERV) navigates through its strategic initiatives in the transportation equipment sector, real-time data from InvestingPro provides a deeper financial perspective on the company's performance. With a market capitalization of $345.68 million, Serve Robotics has shown a staggering revenue growth of 742.6% over the last twelve months as of Q1 2024. Despite this impressive surge, the company's gross profit margin stands at -53.99%, indicating challenges in converting revenues into actual profit.
InvestingPro Tips suggest that while analysts are optimistic about sales growth in the current year, the stock is currently in overbought territory according to the Relative Strength Index (RSI). Additionally, while the stock has experienced significant returns over the last week, with a 301.71% increase, it's also important to note that Serve Robotics has not been profitable over the last twelve months and is trading at a high revenue valuation multiple. For investors seeking to explore further, there are additional tips available at InvestingPro, and by using the coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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