Castellum, Inc. (NYSE: CTM) witnessed a significant surge in its stock price, climbing 66.96% to $2.37 during premarket trading on Monday. This sharp increase comes in response to the company’s recent equity offering announcement.
Equity Offering Increases Market Trust
The software, cybersecurity, and electronic warfare firm, which mostly provides services to the federal government, stated that it will price 4,355,000 shares of common stock at $0.85 each in a public offering.
The estimated gross revenues from the offering are $3.7 million. The net profits will be used by Castellum for general business needs and working capital. The closing date of the offering is December 30, 2024, assuming normal circumstances.
A Significant Contract Award
In parallel with the equity offering, CTM subsidiary Specialty Systems, Inc., alongside Corvus Consulting, LLC, and Global Technology and Management Resources, Inc., secured awards across all four unrestricted domains for which proposals were submitted under the One Acquisition Solution for Integrated Services Plus (OASIS+).
OASIS+ is a comprehensive government-wide contracting program with no ceiling value and a potential ten-year performance period. The contract provides federal agencies with a streamlined avenue for acquiring services-based solutions. Castellum’s achievements in both unrestricted and small business domains underscore its growing role in federal procurement.
Positioning for Organic Growth in Key Domains
The award marks a pivotal moment for Castellum, granting it access to four critical domains: intelligence services, technical and engineering, research and development, and management and advisory. These areas align closely with Castellum’s strengths and represent high-demand sectors within the federal government.
By leveraging its experienced workforce, technical expertise, and strong past performance, CTM is well-positioned to capitalize on the OASIS+ opportunity. The company aims to drive organic growth while addressing vital national security missions, setting ambitious goals for the coming year.
This combination of financial maneuvering and strategic wins places Castellum in an advantageous position as it looks to expand its footprint and strengthen its partnerships with federal agencies.
