On September 9, 2026, Swarmer, Inc. announced the execution of a definitive agreement to acquire 100% of Ratel Robotics, a Ukrainian manufacturer of unmanned ground vehicles (UGVs). The total consideration is valued at up to $224 million if all earnout milestones are met, comprising an estimated $7.2 million in cash and approximately 1.065 million shares of common stock at closing. Additional contingent payments include up to $7.2 million in cash and up to 4.423 million shares based on revenue and operating income targets for fiscal years 2026 through 2028. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals, including from the Antimonopoly Committee of Ukraine, and stockholder approval for the equity issuance under Nasdaq rules. Swarmer operates as a defense technology company specializing in autonomy software for unmanned systems.
