Serve Robotics Inc. (NASDAQ:SERV) shares are surging Monday potentially due to continued momentum from recent positive developments last week.

What Happened: Serve Robotics recently closed a $15 million private placement with a single institutional investor. This includes the sale of pre-funded warrants for 2.5 million shares of common stock and additional warrants for up to 2.5 million shares at an exercise price of $6.00 per share.

Key Developments: The company has also appointed finance leader David Goldberg to its Board of Directors and reappointed Sarfraz Maredia, an Uber Technologies executive, following their 2024 Annual Meeting of Stockholders.

Stake and Volume: Serve Robotics shares have seen increased attention since NVIDIA Corp (NASDAQ:NVDA) reported a 10% stake in the company last week. This news has led to a 500% increase in the stock since the NVIDIA filing. The stock is also trending on social media platforms and experiencing higher than average trading volume, with 66.93 million shares traded compared to the 100-day average of 9.08 million.

Background: Serve Robotics went public via a reverse merger with Patricia Acquisition Corp. Initially started as the robotics division of Postmates, Serve Robotics' autonomous sidewalk robots began delivering to Postmates customers in 2018. Following Uber Inc. 's (NYSE:UBER) acquisition of Postmates in 2020, the robotics division was spun out as Serve Robotics.

SERV Price Action: Serve Robotics shares were up by 30.3% at $17.23 at the time of writing, according to Benzinga Pro.

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Image: Courtesy of Serve Robotics.