[Form 4] Castellum, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Castellum, Inc. (CTM) director and 10% owner Jay O. Wright reported three open-market sales of common stock on Sept 5, 8 and 9, 2025. He sold 46,473 shares at $1.08, 250,227 shares at $1.12 and 150,000 shares at $1.12, leaving him with 8,076,973 shares beneficially owned after the transactions.

Positive

• None.

Negative

• Insider sold 446,700 shares across three transactions (Sept 5, 8, 9, 2025), reducing beneficial ownership to 8,076,973 shares

Insights

Financial Analyst

TL;DR: Insider sales of 446,700 shares were disclosed; this is a notable reduction but appears to be routine Form 4 reporting.

The filing shows three separate open-market dispositions totaling 446,700 shares between Sept 5 and Sept 9, 2025, at prices between $1.08 and $1.12. As a director and 10% owner, these sales reduce reported beneficial ownership to 8,076,973 shares. The Form 4 provides transaction dates, share counts and prices but contains no explanation of purpose, derivative activity, or additional context. For valuation impact, one would need total share count and recent trading volume to assess materiality.

Corporate Governance Expert

TL;DR: The disclosure is a standard Section 16 Form 4 for insider sales and raises governance transparency questions but no explicit compliance issues.

Jay O. Wright signed and dated the Form 4 on Sept 9, 2025. The filing documents direct dispositions only; there are no derivative transactions or 10b5-1 plan disclosures indicated. The form is properly executed but does not state whether sales were preplanned or related to diversification, tax, or liquidity needs. Absent further detail, this is a routine insider sale disclosure for investor consideration.

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)
09/05/2025

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	09/05/2025		S		46,473	D	$1.08	8,477,200	D
Common Stock	09/08/2025		S		250,227	D	$1.12	8,226,973	D
Common Stock	09/09/2025		S		150,000	D	$1.12	8,076,973	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	09/09/2025
	** 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?

The Form 4 reports three open-market sales by Jay O. Wright: 46,473 shares at $1.08 on 09/05/2025, 250,227 shares at $1.12 on 09/08/2025, and 150,000 shares at $1.12 on 09/09/2025.

Who filed the Form 4 for CTM and what is their role?

The reporting person is Jay O. Wright, identified as a Director, a 10% owner, and as General Counsel and Secretary in the relationship section.

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

Following the reported sales, the Form 4 lists 8,076,973 shares beneficially owned by Jay O. Wright.

Does the Form 4 show any derivative or option transactions for CTM?

No. Table II for derivative securities contains no entries; the filing discloses only non-derivative common stock sales.

Is there any indication these sales were under a 10b5-1 plan?

The checkbox for transactions pursuant to a 10b5-1 plan is present in the form template but the filing provides no explicit statement that these sales were made under a 10b5-1 plan.