Swarmer Inc (NASDAQ:SWMR) shares are moving lower in Wednesday’s after-hours session after the company filed a prospectus registering up to three million shares of common stock for resale under a new equity purchase agreement.

Swarmer Establishes Lucid Liquidity Line

Swarmer filed a prospectus covering the potential resale of up to three million shares by Lucid Capital Markets under a common stock purchase agreement, the company calls the “Lucid Liquidity Line.”

Under the agreement, Swarmer may issue and sell up to three million shares to Lucid Capital Markets over time, establishing a liquidity line.

The company said it’s not selling any securities under the prospectus and will not receive any proceeds from the sale of common stock by the selling stockholder. However, the company could receive up to approximately $181 million in gross proceeds from the selling stockholder under the purchase agreement in connection with the potential sales of common stock.

Swarmer is a defense technology company focused on drone-swarm autonomy software. The company went public in March. Swarmer had approximately $23.5 million in total cash and cash equivalents as of March 31.

SWMR Shares Dive After The Bell

SWMR Price Action: Swarmer shares were down 11.52% in after-hours Wednesday, trading at $49.96 at the time of publication, per Benzinga Pro.

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