Castellum, Inc. Announces $500,000 Equity Financing to Support Acquisition

BETHESDA, Md., Feb. 15, 2023 (GLOBE NEWSWIRE) — Castellum, Inc. (NYSE-American: CTM) announces that it has raised $500,000 of equity financing, reduced its total debt by $50,000, and extended the maturity date of $840,000 of debt previously due in April 2023 to February 2024 in a series of transactions with Crom Cortana Fund (“Crom Cortana”). The equity was raised in the form of common stock at $1.06 per share, the 50-day moving average at the time agreement in principle was reached with Crom Cortana. The February 2024 debt has a 10% coupon, is convertible at $1.20 per share into 700,000 shares of common stock at the holder’s option and has warrants to purchase 700,000 shares of common stock at $1.38 per share. The $500,000 of equity will help finance one of Castellum’s pending acquisitions. As a result of this transaction, Castellum has no remaining debt maturities in 2023 but does continue to amortize its term loan monthly with Live Oak Bank.

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