[Form 4] Castellum, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Castellum, Inc. director and 10% owner Jay O. Wright reported three open-market sales of common stock at $1.12 per share on 09/10/2025, 09/11/2025, and 09/12/2025. The sales totaled 233,000 shares, reducing his direct beneficial ownership from 8,006,973 shares to 7,843,973. The Form 4 is signed and filed by the reporting person.

Positive

• None.

Negative

• Insider sold 233,000 shares via three transactions at $1.12 per share, reducing direct beneficial ownership from 8,006,973 to 7,843,973

Insights

Financial Analyst

TL;DR: Insider sales of 233,000 shares at $1.12 reduced direct holdings modestly; disclosure provides liquidity detail but not company performance context.

The filing documents three sequential sales totaling 233,000 shares executed over three days at $1.12 per share, lowering reported direct ownership to 7.84 million shares. From a trading-data perspective, the Form 4 is routine and provides transparent disclosure of insider activity; it does not include any derivative transactions or additional explanations for the sales.

Corporate Governance Expert

TL;DR: Director and officer disclosed timely sales consistent with Section 16 reporting; no indications of Rule 10b5-1 plan or amendment in the filing.

The filer checked boxes indicating director status and 10% ownership and filed as a single reporting person. The Form 4 contains direct sales only and includes a manual signature dated 09/12/2025. The filing does not reference a 10b5-1 trading plan or provide explanatory remarks, so governance disclosure is complete but minimal.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WRIGHT JAY O

(Last) (First) (Middle)

1934 OLD GALLOWS ROAD

SUITE 350

(Street)

VIENNA VA 22182

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Castellum, Inc. [ CTM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)	X	Other (specify below)
	General Counsel, Secretary		EVP - Strategy

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/10/2025		S		70,000	D	$1.12	8,006,973	D
Common Stock	09/11/2025		S		90,000	D	$1.12	7,916,973	D
Common Stock	09/12/2025		S		73,000	D	$1.12	7,843,973	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Jay O. Wright	09/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Castellum, Inc. (CTM) report on this Form 4?

Director and 10% owner Jay O. Wright reported three sales totaling 233,000 shares at $1.12 per share on 09/10/2025, 09/11/2025, and 09/12/2025.

How did Jay O. Wright's ownership change after the reported trades?

His direct beneficial ownership declined from 8,006,973 shares to 7,843,973 following the transactions.

Did the Form 4 report any derivative transactions or 10b5-1 trading plan?

No derivative securities were reported in Table II and the filing does not indicate the transactions were made pursuant to a Rule 10b5-1 plan.

When was the Form 4 signed and filed?

The Form 4 bears the reporting person’s signature dated 09/12/2025.