WAGENHEIM PHILIP 4

What Happened

• Philip Wagenheim, reported as a 10% owner of Swarmer, converted Series A‑1 preferred stock into 1,124,981 shares of common stock on March 18, 2026. The filing also shows a disposition of 597,980 derivative securities on the same date. No cash prices or dollar values are reported (price = N/A).

Key Details

• Transaction date: 2026-03-18. Transaction code: C (conversion of a derivative/security).
• Shares acquired by conversion: 1,124,981 common shares. Shares disposed (derivative): 597,980 (reported as derivative security disposition).
• Price / value: Not reported (N/A) in the filing.
• Shares owned after transaction: Not specified in the excerpt of the filing.
• Footnotes: F1 — Series A‑1 Preferred converted into common on a 1-for-1.8813 basis and had no expiration date. F2 — The shares are directly held by Theseus Capital Partners, LLC; Wagenheim is the managing partner and may be deemed to share voting and dispositive power over those shares.
• Filing timeliness: Reported on 2026-03-18 for transactions dated 2026-03-18 (no late filing indicated).

Context

• This was a conversion of preferred stock into common stock (a non-cash corporate action), not a market purchase or sale. For retail investors, conversions change share counts but do not necessarily signal buying or selling intent by the insider.
• Because Wagenheim is reported as a 10% owner through an entity (Theseus), this reflects an institutional/affiliated holding structure rather than an ordinary executive open-market trade.