BUZZ-Swarmer jumps a day after strong Nasdaq debut

Reuters03-18 16:36

** Shares of drone autonomy software company Swarmer SWMR.O surge 50% to $46.5 in premarket trading a day after Nasdaq debut

** SWMR opened at $13 vs IPO price of $5 on Tuesday and closed at $31, marking a more-than-six-fold jump on the day

** Co which supports operations in Ukraine valued at $382.8 mln as of last closing price after offering 3 mln shares in Tuesday IPO

** SWMR intends to use net proceeds from offering for funding of ongoing operations, including expansion of capabilities and our product offering, hiring employees, integration with the hardware of drone manufacturers, and for working capital and other general corporate purposes

** Lucid Capital Markets acting as sole bookrunner for offering

(Reporting by Shashwat Chauhan in Bengaluru)

((Shashwat.Chauhan@thomsonreuters.com))

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