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Investing.com -- Castellum Inc (NYSE:CTM) stock tumbled 11.3% after the cybersecurity and electronic warfare company announced the pricing of its public offering.
The company priced its public offering of 4,166,667 units at $1.20 per unit. Each unit consists of one share of common stock and one warrant to purchase one share of common stock. The warrants will be immediately exercisable at $1.22 per share and will expire 60 days from the date of issuance.
Castellum expects to raise approximately $5.0 million in gross proceeds from the offering before deducting placement agent fees and estimated offering expenses. The company intends to use the net proceeds for working capital and general corporate purposes.
Maxim Group LLC is acting as the sole placement agent for the offering on a reasonable best-efforts basis. The closing of the offering is expected to occur on or about June 13, 2025, subject to satisfaction of customary closing conditions.
The shares of common stock and warrants are immediately separable and will be issued separately, according to the company’s announcement.
Castellum focuses on providing cybersecurity, electronic warfare, and software services to the federal government.
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