Serve Robotics CEO Ali Kashani sells $196,500 in inventory

Ali Kashani, the Chief Government Officer of Serve Robotics Inc. (NASDAQ:SERV), an organization with a market capitalization of roughly $776 million, lately executed a collection of inventory gross sales, in keeping with a submitting with the Securities and Alternate Fee. The transactions, carried out underneath a pre-established Rule 10b5-1 gross sales plan, passed off on December 24 and December 26, 2024, and concerned a complete of 12,500 shares of Serve Robotics’ frequent inventory. The inventory has proven important momentum, gaining over 20% previously week alone, in keeping with InvestingPro information.

The gross sales have been accomplished at costs starting from $14.55 to $16.97 per share, amounting to a complete worth of $196,500. Following these transactions, Kashani maintains possession of three,283,490 shares of the corporate immediately. Moreover, there’s an oblique holding of 16,070 shares attributed to possession by a partner.

These gross sales are a part of a deliberate technique by Kashani, as outlined within the Rule 10b5-1 gross sales plan adopted earlier in August 2024.

In different latest information, Serve Robotics has been underneath scrutiny on account of its acquisition of Vebu Inc., an automation incubator, elevating considerations amongst buyers and short-seller Bonitas. The acquisition has drawn consideration to the connection between Serve’s director, James Buckly Jordan, and Chipotle (NYSE:CMG), a significant investor and buyer of Vebu. Moreover, Serve’s CEO, Ali Kashani, set bold targets for the deployment of two,000 robots by the tip of 2025, nonetheless, as of the third quarter of 2024, Serve had solely 59 day by day robots in operation.

Serve Robotics additionally introduced the appointment of Anthony Armenta as its new Chief Software program (ETR:SOWGn) and Information Officer. This transfer is a part of the corporate’s efforts to boost its software program and synthetic intelligence capabilities. Different latest developments within the firm embody the acquisition of property from Vebu Inc., and the receipt of a Purchase ranking from each Ladenburg Thalmann and Seaport World Securities.

Lastly, Serve Robotics unveiled its third-generation supply robotic, designed for elevated effectivity and security. The corporate has secured roughly $35 million in non-public placement transactions facilitated by Aegis Capital Corp and introduced strategic partnerships with Wing Aviation LLC and Shake Shack Inc (NYSE:SHAK). for meals deliveries through Uber (NYSE:UBER) Eats in Los Angeles.

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