Castellum, Inc. Announces Signing of LOI to Acquire $10 Million Government Contractor
Rhea-AI Summary
Castellum, Inc. (NYSE AMERICAN: CTM) has signed a Letter of Intent to acquire a government contractor on the East Coast with approximately $10 million in revenue. The deal is pending due diligence and a definitive purchase agreement, aiming for closure by the end of January 2023. If successful, this acquisition would elevate Castellum's revenue run-rate to over $54 million and enhance its service capabilities to government clients. The company is also optimistic about future acquisitions in 2023, buoyed by record revenue reported for Q3 2022.
Positive
- Potential increase in revenue run-rate to over $54 million.
- Expansion of capabilities to better serve government clients.
- Successful Q3 2022 revenue performance indicates strong business health.
- Plans for additional acquisitions in 2023.
Negative
- The Letter of Intent is non-binding; the acquisition may not close.
News Market Reaction – CTM
On the day this news was published, CTM gained 11.01%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BETHESDA, Md., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Castellum, Inc. (NYSE AMERICAN: CTM) announces the signing of a Letter of Intent (LOI) to acquire an East-coast-based government contractor generating approximately
"We are very pleased to announce to our shareholders that we have identified and signed a non-binding LOI for a strong seventh acquisition," said Mark Fuller, President and CEO of Castellum. "This transaction, should we be able to close it, would give us over a
About Castellum, Inc.:
Castellum, Inc. (NYSE American: CTM) is a technology service and solutions company executing strategic acquisitions in Cyber Security, Information Technology, Information Warfare, Electronic Warfare, Systems Engineering, Software Engineering, and Software Development. Castellum completed its uplisting to the NYSE American on October 13, 2022, and has completed six (6) strategic acquisitions over the past three years. For more information, visit our website at https://castellumus.com/.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the Company's future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should carefully review the risks and uncertainties identified in this release and the matters disclosed at nyse.com. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements. Specifically, the letter of intent announced in today's release is not a binding agreement, and it may not close.
Contact:
Mark Fuller, CEO
info@castellumus.com
301-961-4895
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f556e28a-7c10-4ab3-856e-bb535d3c9bc9
FAQ
What is the recent acquisition by Castellum (CTM) about?
What is the expected revenue impact of Castellum's acquisition?
When does Castellum plan to close the acquisition?
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