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Why Serve Robotics Stock Crashed Today

TheMotleyFool

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Why Serve Robotics Stock Crashed TodayPhoto, wide shot, wide-angle lens, Personal care service, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/44547be2-b411-43fb-91ed-bf4a69577d94.png

What goes up, must come down -- but did Serve Robotics (NASDAQ: SERV) stock have to come back down so quickly?

Yesterday, the provider of autonomous food delivery robots for delivering takeout surged on news of a partnership with food delivery giant DoorDash, rising 29% in a day. Problem is, Serve appears to have planned ahead for this event -- maybe even counted on it -- and today Serve announced it will capitalize on its new and improved stock price by running a $100 million registered direct offering of common stock.

Now Serve stock is selling off by 9.6% through 9:55 a.m. ET.

Source Fool.com

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