Castellum (CTM) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 25, 2024, Castellum, Inc. agreed to a securities purchase agreement with an institutional investor for a registered direct offering of over 5 million shares of common stock and over 3 million pre-funded warrants, alongside warrants to purchase up to approximately 8.4 million additional shares, with aggregate gross proceeds of about $2.7 million before fees and expenses. This offering, expected to close by January 29, 2024, also includes a concurrent private placement and is subject to customary closing conditions. The company also engaged Maxim Group LLC as the lead placement agent, incurring fees and legal expense reimbursements.
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