Swarmer to acquire Ratel Robotics for up to $224M in cash and stock

Swarmer, Inc

Deal: $7.2M cash at close, 1,064,942 shares, plus earnouts up to $7.2M cash and 4,422,125 shares based on 2026-2028 targets.
Ratel has $86M in 2026 contracts, 300+ employees; its UGVs represent ~37% of Ukrainian MoD UGV procurement spend.
Closing expected Q4 2026, subject to shareholder approval for stock issuance, Ukrainian antitrust clearance, and other conditions.
Ratel founder Taras Ostapchuk will remain CEO, reporting to Swarmer President Alex Fink; pro forma headcount ~500.
Chairman Erik Prince calls this Swarmer's first major acquisition, expanding into combat-proven UGV platforms.

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