Serve Robotics Inc. (NASDAQ:SERV) shares are surging Friday possibly from continued momentum from yesterday and recent positive developments for the company.

What Happened: Earlier this week, Serve Robotics announced the closing of a $15 million private placement with a single institutional investor. The private placement includes the sale of pre-funded warrants to purchase 2.5 million shares of common stock and warrants to purchase up to an additional 2.5 million shares at an exercise price of $6.00 per share. The gross proceeds from this offering are expected to support Serve's strategic growth initiatives.

Additionally, Serve Robotics appointed finance leader David Goldberg to its Board of Directors and reappointed Sarfraz Maredia, an Uber Technologies executive, at their 2024 Annual Meeting of Stockholders. David Goldberg, with over 20 years of experience and Sarfraz Maredia's continued presence on the board are anticipated to provide valuable strategic insights and leadership as Serve Robotics aims for further growth.

What Else: The stock is experiencing higher than average volume, with 66.934 million shares traded compared to the 100-day average volume of 9.073 million. Additionally, Serve Robotics is trending on social media platforms like Yahoo Finance.

Recent trading activity also shows that Serve Robotics shares have been seeing increased attention since NVIDIA Corp (NASDAQ:NVDA) reported a 10% stake in the robotics company near the end of last week.

SERV Price Action: Serve Robotics shares are trading at $14.09, up 16% according to Benzinga Pro.

• General Motors' Cruise Aims To Resume Driverless Rides This Year: Report

Photo: Courtesy of Serve Robotics, Inc.