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Castellum, Inc. Closes $2.7 Million Registered Direct Offering And Concurrent Private Placement

Our client Castellum, Inc. (NYSE-American: CTM), a prominent player in the cybersecurity, electronic warfare, and software services sector, proudly announces its closing of a securities purchase agreement with an institutional investor. The deal entails the purchase of 8,437,501 shares of common stock (or pre-funded warrants in lieu thereof) in a registered direct offering. Simultaneously, in a concurrent private placement, the Company has committed to issuing and selling warrants to purchase up to 8,437,501 shares of common stock.

The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant is set at an attractive $0.32. These warrants will become exercisable upon the receipt of shareholder approval, with an expiration period of five years from such approval and an exercise price of $0.35 per share.

The gross proceeds to Castellum from this strategic move are estimated to be approximately $2.7 million. This figure is prior to deducting the placement agent’s fees and other anticipated offering expenses, which will be payable by the Company. The offering is slated to close on or about January 29, 2024, pending the fulfillment of customary closing conditions.

Lucosky Brookman acted as company counsel on this transaction, while Maxim Group LLC, acted as the sole placement agent in connection with this transaction.