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Pressing the reset button once will reboot the NMC - so the LED's will turn off, then eventually turn back on again after the card boots up. To do the password reset procedure fully, you would need to press the reset button a second time - waiting until the LED's turn back on again, then hit the reset again. This will temporarily reset the username/password to apc/apc, and you would then just change it via serial to whatever you want it to be (if you dont change it, it will eventually revert from apc/apc to whatever it was set to before): https://www.apc.com/us/en/faqs/FA156075/
It makes sense that serial would become unresponsive after resetting the card (as it's rebooting), but I'm also assuming that you can eventually log back in over serial after the card fully boots back up.