Castellum (CTM) director reports two sales totaling 100,000 shares

Rhea-AI Filing Summary

Jay O. Wright, a director and reported 10% owner of Castellum, Inc. (CTM) and serving as General Counsel/Secretary and EVP-Strategy, reported two open-market sales totaling 100,000 shares. He sold 50,000 shares on 09/15/2025 at $1.10 and 50,000 shares on 09/16/2025 at $1.11, reducing his direct beneficial ownership from 7,843,973 (implied) to 7,743,973 shares following the transactions. The Form 4 is signed by the reporting person.

Positive

• Transparent disclosure of transaction dates, prices, and share counts on Form 4
• Reporting person retains a large direct stake with 7,743,973 shares after sales

Negative

• Disposition of 100,000 shares via two sales on consecutive days (09/15/2025 and 09/16/2025)

Insights

Financial Analyst

TL;DR: Insider completed modest open-market sales totaling 100,000 shares, reducing a large existing stake; this is a routine liquidity event.

The reported transactions are two discrete open-market sales on consecutive days for $1.10 and $1.11 per share. The sizes (50,000 shares each) are material at the transactional level but represent a small fraction of the reported post-sale ownership of 7.74 million shares. There is no additional context, such as planned sales under a Rule 10b5-1 plan or company-specific events, in the Form 4.

Corporate Governance Expert

TL;DR: A senior officer and director disclosed routine stock dispositions; disclosure appears complete and was signed.

The filing identifies the reporting person as a director, 10% owner, and officer, and provides clear transaction dates, volumes, and prices. The Form 4 shows direct ownership after the trades. No amendments, derivative transactions, or explanatory remarks are included. The record meets Section 16 reporting mechanics based on the information provided.

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)
09/15/2025

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	09/15/2025		S		50,000	D	$1.1	7,793,973	D
Common Stock	09/16/2025		S		50,000	D	$1.11	7,743,973	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	09/17/2025
	** 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 transactions did Jay O. Wright report on Form 4 for CTM?

He reported two sales: 50,000 shares on 09/15/2025 at $1.10 and 50,000 shares on 09/16/2025 at $1.11.

How many CTM shares does Jay O. Wright own after these transactions?

7,743,973 shares beneficially owned following the reported sales.

What roles does the reporting person hold at Castellum, Inc. (CTM)?

Director, 10% owner, and listed officer roles: General Counsel and Secretary; EVP - Strategy is indicated.

Were any derivative securities reported by the insider in this filing?

No derivative securities or option transactions are reported in Table II of this Form 4.

Is there any explanatory remark or indication of a Rule 10b5-1 plan in the filing?

No explanatory remarks or references to a 10b5-1 plan are included in the provided Form 4 content.