DariaRen
Cybersecurity and IT services provider Castellum (NYSEMKT:CTM) stock slid 30% following a downsized $3M public offering, reverse stock split and uplisting to NYSE American.
Shares of Castellum opened on NYSE American at $1.36 after being priced at $2. The stock recently changed hands at $1.41 at approximately 11:40 a.m. ET. The company offered 1.5M shares, raising around $3M.
Underwriters received a 45-day option to buy up to 225K additional shares. EF Hutton is serving as lead bookrunner.
Castellum also conducted a 1-for-20 reverse stock split ahead of the offering. Prior to Thursday, the shares were traded OTC under the symbol ONOV.
Castellum’s IPO was scaled back from a $4M proposal filed with the SEC on Oct. 11, which in turn had been slashed from a $13M deal proposed in a Sept. 30 filing.
Based in Maryland, Castellum is a provider of IT and cybersecurity software and services, primarily for government agencies. The company posted a 2021 net loss of $8M on revenue of $25M.
For more on Castellum, check out SA contributor Donovan Jones’s “Castellum Proposes Terms for $13M Uplisting.”
