Swarmer Inc (NASDAQ:SWMR) shares are facing selling pressure in Wednesday’s after-hours session amid continued post-IPO volatility.

Swarmer Announces Closing Of IPO

Drone autonomy software company Swarmer made its public debut on the Nasdaq on Tuesday, soaring more than 500%. The stock saw continued momentum on Wednesday, closing the session up another 77% at $55.

Shares are pulling back in after-hours on Wednesday, likely due to profit-taking following the remarkable two-day surge. Swarmer announced late Wednesday the closing of its IPO, which included the full exercise of the underwriters’ option to purchase additional shares at a price of $5 per share.

Swarmer said net proceeds from its IPO totaled $14.7 million after deducting commissions and offering expenses. The company plans to use the proceeds to fund ongoing operations, including capability expansion, employee hiring and drone manufacturers integration.

Swarmer is a defense technology company supporting operations in Ukraine. The company focuses on autonomous swarm coordination, multi-domain unmanned systems integration, AI-powered collaborative autonomy and command and control software for distributed robotic operations.

SWMR Shares Pull Back In After Hours

SWMR Price Action: Swarmer’s IPO was priced at $5 per share. The stock opened for trading on Tuesday at $12.50 and closed the day at $31. Shares gained 77% on Wednesday, but were down 3.84% in after-hours, trading at $52.89 at the time of publication, per Benzinga Pro.

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