[Form 4] Castellum, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sales by Castellum, Inc. director and officer Jay O. Wright. The Form 4 shows Mr. Wright sold 225,000 shares on 08/18/2025 at $1.08 and 126,000 shares on 08/19/2025 at $1.05, reducing his direct beneficial ownership to 8,672,673 shares. He is identified as a director, 10% owner, and General Counsel/Secretary. The form is signed 08/20/2025. No derivative transactions or additional explanations are included.

Positive

• None.

Negative

• Insider dispositions: Reporting person sold 351,000 shares over two days (08/18/2025–08/19/2025).
• No explanation provided: The Form 4 contains no remarks, Rule 10b5-1 plan indication, or rationale for the sales.

Insights

Financial Analyst

TL;DR: Significant insider share sales occurred across two days, reducing a large direct holding by 351,000 shares.

The reporting shows two open-market dispositions totaling 351,000 shares at prices of $1.08 and $1.05, leaving 8,672,673 shares directly held. For investors, clustered insider selling can signal portfolio rebalancing or liquidity needs; the filing contains no explanation or derivative activity. The transactions are material in absolute share count but assessing impact on valuation requires total outstanding shares and recent trading context, which are not provided in this filing.

Corporate Governance Expert

TL;DR: A senior officer and large-holder executed sizable sales; lacking commentary, the filing is a routine Section 16 disclosure.

Jay O. Wright is reported as a director, 10% owner, and officer who disposed of shares on consecutive days. The Form 4 contains no indication of Rule 10b5-1 plan or other pre-arranged sale mechanism. From a governance perspective, recurring or unexplained sales by insiders who are also executives can raise questions about alignment, but this single filing does not prove misconduct. Additional disclosures or patterns would be needed to conclude material governance concerns.

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)
08/18/2025

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	08/18/2025	08/18/2025	S		225,000	D	$1.08	8,798,673	D
Common Stock	08/19/2025	08/19/2025	S		126,000	D	$1.05	8,672,673	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	08/20/2025
	** 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 did Jay O. Wright report on Form 4 for CTM?

He reported open-market sales of 225,000 shares on 08/18/2025 at $1.08 and 126,000 shares on 08/19/2025 at $1.05, leaving 8,672,673 shares beneficially owned.

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

The filing identifies Jay O. Wright as a Director, 10% owner, and General Counsel, Secretary.

Are there any derivative transactions reported by the insider?

No. Table II shows no derivative securities acquired, disposed of, or beneficially owned in this filing.

When was the Form 4 signed and filed?

The signature block shows the form was signed by Jay O. Wright on 08/20/2025.

Does the Form 4 state the sales were part of a 10b5-1 plan?

No. The filing does not indicate that the transactions were made pursuant to a Rule 10b5-1 plan.