SCHEDULE: Uber Sells Significant Stake in Serve Robotics

Uber Technologies, Inc. has reduced its beneficial ownership in Serve Robotics Inc. from approximately 7.71% to 3.36% through recent open market sales.

Summary

• Uber Technologies, Inc. (the "Reporting Person") filed an Amendment No. 1 to its Schedule 13D regarding its beneficial ownership in Serve Robotics Inc. (the "Issuer").
• The Reporting Person, through its wholly-owned subsidiary Postmates, LLC, currently beneficially owns 2,070,629 shares of Serve Robotics Inc. common stock.
• This represents approximately 3.36% of the Issuer's outstanding common stock, calculated based on 61,577,800 shares outstanding as of August 18, 2025.
• The calculation of outstanding shares includes 59,881,731 shares as of June 30, 2025, plus 1,696,069 additional shares issued in the Issuer's acquisition of Vayu Robotics, Inc. on August 15, 2025.
• Uber (through Postmates) sold a total of 2,678,204 shares of Serve Robotics common stock in open market transactions between September 19, 2025, and September 23, 2025.
• The sales occurred on September 19, 2025 (1,215,048 shares at $14.1405 per share), September 22, 2025 (456,284 shares at $14.0076 per share), and September 23, 2025 (1,006,872 shares at $14.0471 per share).

Sentiment

Score: 4

Explanation: The sentiment is moderately negative for Serve Robotics Inc. as a significant shareholder, Uber Technologies, Inc., has substantially reduced its stake. While it's a portfolio adjustment for Uber, for the issuer, it can signal reduced confidence or a lack of strategic alignment from a key investor, potentially impacting market perception and stock price.

Positives

• Uber Technologies, Inc. generated approximately $37.7 million in cash from the sale of its Serve Robotics Inc. shares, enhancing its liquidity.

Negatives

• The significant reduction in beneficial ownership by a major strategic investor like Uber Technologies, Inc. could be perceived negatively by the market for Serve Robotics Inc., potentially signaling a lack of long-term conviction.
• The divestment by Uber could lead to increased selling pressure on Serve Robotics Inc.'s stock.

Risks

• The reduction in Uber's stake could lead to a decrease in investor confidence in Serve Robotics Inc.
• Potential for increased stock price volatility for Serve Robotics Inc. due to the sale of a large block of shares by a significant holder.

Future Outlook

The filing does not contain any explicit forward-looking statements or guidance regarding Serve Robotics Inc. or Uber Technologies, Inc.'s future plans concerning its remaining stake.

Management Comments

• The statement was signed by Prashanth Mahendra-Rajah, Chief Financial Officer of Uber Technologies, Inc., certifying the information as true, complete, and correct to the best of his knowledge and belief.

Industry Context

This filing indicates a strategic adjustment by Uber Technologies, Inc., a leader in ride-sharing and food delivery, in its investment portfolio. Serve Robotics operates in the autonomous last-mile delivery sector, a growing but competitive market. Uber's divestment could suggest a re-evaluation of its direct investment in this specific segment, potentially focusing on its core business or other strategic partnerships rather than direct equity holdings in smaller players.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• Neither Uber Technologies, Inc. nor any of its named directors or executive officers have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• Neither Uber Technologies, Inc. nor any of its named directors or executive officers have been a party to a civil proceeding resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws during the past five years.

Related Party Transactions

• The sales of Serve Robotics Inc. common stock were conducted by Postmates, LLC, a wholly-owned subsidiary of Uber Technologies, Inc. As Uber was a significant beneficial owner of Serve Robotics Inc., these transactions represent dealings between related parties.

Stakeholder Impact

• **Serve Robotics Shareholders:** May experience negative sentiment and potential downward pressure on stock price due to a major investor reducing its stake.
• **Uber Technologies, Inc. Shareholders:** Benefit from increased liquidity through the cash proceeds from the divestment, potentially allowing for reinvestment in core operations or other strategic initiatives.

Next Steps

• NA

Key Dates

Keywords

Uber Technologies, Serve Robotics, Schedule 13D/A, Beneficial Ownership, Stock Sale, Divestment, Postmates, Robotics, Last-Mile Delivery