BUZZ-Swarmer falls after soaring 1,000% since Nasdaq debut this week

Reuters

Mar 19

** Shares of drone autonomy software company Swarmer SWMR.O fall 10% at $49.49 premarket

** Stock pulled back after a blistering 1,000% surge in its first two days of trading that has vaulted its market value to $679.17 million as of last close

** On Tuesday, SWMR opened at $13 on the Nasdaq versus its $5 IPO price and closed at $31, valuing the Ukraine-focused drone software firm

** Co raised funds by offering 3 mln shares, with plans to use proceeds to expand product capabilities, integrate software with drone manufacturers' hardware, hire staff and support general corporate needs

(Reporting by Tharuniyaa Lakshmi in Bengaluru)

((tharuniyaa@thomsonreuters.com))

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