The Austin-based company, which debuted on the public market in March at $5 per share, has experienced significant volatility since its initial offering. After hitting a record high of $83.30 earlier this month, the stock closed Wednesday’s session down 6.4% at $56.47.
In section Market Quotes
Swarmer Stock Slips After Lucid Capital Purchase Deal
Investors reacted sharply to a new equity agreement as shares of drone autonomy firm Swarmer fell 12% to $49.96 in after-hours trading Wednesday. The decline followed the company’s announcement of a deal allowing the sale of 3 million common shares to Lucid Capital Markets over the next 24 months.
Under the terms of the agreement, Swarmer retains the discretion to sell shares to Lucid Capital at a 2% discount to the prevailing market price. Management plans to direct the proceeds toward operational expenses, including the expansion of its software capabilities and aggressive headcount growth to support new product development.
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