[Form 4] Castellum, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jay O. Wright, General Counsel and Secretary of Castellum, Inc. (CTM), reported sales of company common stock on August 27–28, 2025. He sold 40,000 shares on 08/27/2025 at $1.04 per share and sold 24,000 shares on 08/28/2025 at $1.046 per share, a total of 64,000 shares. After the first sale his direct holdings were 8,547,673 shares and after the second sale 8,523,673 shares. The Form 4 is signed by the reporting person.

Positive

• None.

Negative

• Insider disposition: Reporting person sold a total of 64,000 shares on 08/27/2025 and 08/28/2025, which investors may view as a negative signal absent explanation
• No explanatory remarks: The filing contains no stated reason or plan (e.g., Rule 10b5-1) for the sales, limiting context for investors

Insights

Securities Analyst

TL;DR: Insider sold 64,000 CTM shares across two days; remaining direct ownership remains large, suggesting routine disposition.

The transactions show a total disposal of 64,000 common shares for aggregate proceeds implied by reported prices of $1.04 and $1.046 per share. The reporting person still holds a substantial direct stake (>8.5 million shares) after the disposals. There is no other information in the filing about the reason for the sales, any derivative transactions, or any change in role or ownership structure. From an investor-materiality perspective, the filing documents insider sales but provides no context for strategic impact.

Corporate Governance Expert

TL;DR: Form 4 documents routine insider sales with clear, signed disclosure; no indications of governance changes or triggering events.

The Form 4 is properly executed and discloses two open-market sales over sequential days, with post-transaction direct ownership reported. There are no derivative securities reported, no changes in officer/director status disclosed, and no flags for plan-based transactions. For governance review, the form is complete but lacks explanatory remarks about purpose or any plan under Rule 10b5-1.

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)
08/27/2025

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	08/27/2025	08/27/2025	S		40,000	D	$1.04	8,547,673	D
Common Stock	08/28/2025	08/28/2025	S		24,000	D	$1.046	8,523,673	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	08/28/2025
	** 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 shares did Jay O. Wright sell according to the CTM Form 4?

He sold 40,000 shares on 08/27/2025 at $1.04 and 24,000 shares on 08/28/2025 at $1.046.

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

The Form 4 reports direct ownership of 8,547,673 shares after the 08/27/2025 sale and 8,523,673 shares after the 08/28/2025 sale.

Did the Form 4 report any option or derivative transactions for CTM?

No. Table II for derivative securities shows no reported transactions or holdings in this filing.

Is there a stated reason or Rule 10b5-1 plan noted for the CTM sales?

No. The filing contains no explanatory remarks or indication that the sales were made under a Rule 10b5-1 plan.

Who signed the Form 4 for Castellum, Inc.?

The Form 4 is signed by Jay O. Wright on 08/28/2025.