Swarmer, Inc. (SWMR) director-linked fund converts preferred to common

Rhea-AI Filing Summary

Swarmer, Inc. director-related entity Green Flag Fund I, L.P. converted Series A-1 and Series A-4 Preferred Stock into common stock of Swarmer, Inc. on March 18, 2026. The preferred shares converted on a 1-for-1.8813 basis into common stock.

After these derivative conversions, Green Flag Fund I, L.P. indirectly holds 499,927 shares of Swarmer common stock. The filing shows no remaining derivative positions tied to these preferred shares.

Insider Trade Summary

265,734 shares exercised/converted

Mixed 4 txns

Insider Zeefe Justin Matthew

Role Director

Type	Security	Shares	Price	Value
Conversion	Series A-1 Preferred Stock	74,380	$0.00	--
Conversion	Series A-4 Preferred Stock	191,354	$0.00	--
Conversion	Common Stock	139,932	$0.00	--
Conversion	Common Stock	359,995	$0.00	--

Holdings After Transaction: Series A-1 Preferred Stock — 0 shares (Indirect, Green Flag Fund I, L.P.); Series A-4 Preferred Stock — 0 shares (Indirect, Green Flag Fund I, L.P.); Common Stock — 139,932 shares (Indirect, Green Flag Fund I, L.P.)

Footnotes (1)

1. The Series A-1 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date. The shares are directly held by Green Flag Fund I, L.P. ("Green Flag Fund"). The Reporting Person is the founder and general partner of Green Flag Ventures, LLC and may be deemed to share voting and dispositive power over the shares held by Green Flag Fund. The Series A-4 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zeefe Justin Matthew

(Last) (First) (Middle)

C/O SWARMER, INC

4515 SETON CENTER PKWY #330

(Street)

AUSTIN TEXAS 78759

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Swarmer, Inc [ SWMR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/18/2026		C		139,932	A	(1)	139,932	I	Green Flag Fund I, L.P.(2)
Common Stock	03/18/2026		C		359,995	A	(3)	499,927	I	Green Flag Fund I, L.P.(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A-1 Preferred Stock	(1)	03/18/2026		C			74,380	(1)	(1)	Common Stock	139,932	(1)	0	I	Green Flag Fund I, L.P.(2)
Series A-4 Preferred Stock	(3)	03/18/2026		C			191,354	(3)	(3)	Common Stock	359,995	(3)	0	I	Green Flag Fund I, L.P.(2)

Explanation of Responses:

1. The Series A-1 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

2. The shares are directly held by Green Flag Fund I, L.P. ("Green Flag Fund"). The Reporting Person is the founder and general partner of Green Flag Ventures, LLC and may be deemed to share voting and dispositive power over the shares held by Green Flag Fund.

3. The Series A-4 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

	/s/ Kostantinos Skordalos, Attorney-in-Fact for Justin Zeefe	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Green Flag Fund I, L.P. do in Swarmer (SWMR) on March 18, 2026?

Green Flag Fund I, L.P. converted Series A-1 and Series A-4 Preferred Stock into Swarmer common stock on March 18, 2026. These transactions were reported as derivative conversions, not open-market purchases or sales, and increased the fund’s indirect common share holdings.

How many Swarmer (SWMR) common shares are indirectly held after this Form 4?

Following the reported conversions, Green Flag Fund I, L.P. indirectly holds 499,927 shares of Swarmer common stock. This figure comes from the post-transaction ownership totals in the Form 4 and reflects the combined impact of the preferred stock conversions.

What securities were converted into Swarmer (SWMR) common stock?

The transactions converted Series A-1 Preferred Stock and Series A-4 Preferred Stock into Swarmer common stock. Footnotes state each preferred series converted into common stock on a 1-for-1.8813 basis, with no expiration date on the preferred shares before conversion.

Who is Justin Matthew Zeefe in relation to Swarmer (SWMR) and Green Flag Fund I, L.P.?

Justin Matthew Zeefe is a director of Swarmer, Inc. and the founder and general partner of Green Flag Ventures, LLC. Footnotes state he may be deemed to share voting and dispositive power over the shares held by Green Flag Fund I, L.P..

Were these Swarmer (SWMR) transactions reported as buys or sells?

The Form 4 classifies all transactions as derivative conversions with code “C,” meaning preferred stock was converted into common stock. They are labeled as acquisitions through conversion, not open-market buys or sells, and occurred at a stated price of 0.0000 per share.