Ali Kashani, the Chief Executive Officer of Serve Robotics Inc. (NASDAQ:SERV), a company with a market capitalization of approximately $776 million, recently executed a series of stock sales, according to a filing with the Securities and Exchange Commission. The transactions, conducted under a pre-established Rule 10b5-1 sales plan, took place on December 24 and December 26, 2024, and involved a total of 12,500 shares of Serve Robotics' common stock. The stock has shown significant momentum, gaining over 20% in the past week alone, according to InvestingPro data.
The sales were completed at prices ranging from $14.55 to $16.97 per share, amounting to a total value of $196,500. Following these transactions, Kashani maintains ownership of 3,283,490 shares of the company directly. Additionally, there is an indirect holding of 16,070 shares attributed to ownership by a spouse.
These sales are part of a planned strategy by Kashani, as outlined in the Rule 10b5-1 sales plan adopted earlier in August 2024.
In other recent news, Serve Robotics has been under scrutiny due to its acquisition of Vebu Inc., an automation incubator, raising concerns among investors and short-seller Bonitas. The acquisition has drawn attention to the relationship between Serve's director, James Buckly Jordan, and Chipotle (NYSE:CMG), a major investor and customer of Vebu. Furthermore, Serve's CEO, Ali Kashani, set ambitious targets for the deployment of 2,000 robots by the end of 2025, however, as of the third quarter of 2024, Serve had only 59 daily robots in operation.
Serve Robotics also announced the appointment of Anthony Armenta as its new Chief Software (ETR:SOWGn) and Data Officer. This move is part of the company's efforts to enhance its software and artificial intelligence capabilities. Other recent developments in the company include the acquisition of assets from Vebu Inc., and the receipt of a Buy rating from both Ladenburg Thalmann and Seaport Global Securities.
Lastly, Serve Robotics unveiled its third-generation delivery robot, designed for increased efficiency and safety. The company has secured approximately $35 million in private placement transactions facilitated by Aegis Capital Corp and announced strategic partnerships with Wing Aviation LLC and Shake Shack Inc (NYSE:SHAK). for food deliveries via Uber (NYSE:UBER) Eats in Los Angeles.
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