Castellum slides after public offering priced

Cybersecurity firm Castellum's shares CTM.A plunge as much as 20.3%; last down 13.6% at $1.02

CTM late Sunday priced its public offering of 4.5 million units at $1 each for gross proceeds of $4.5 million

Offering priced at 15.3% discount to stock's last close

Each unit consists of one share and warrant

Warrants can be immediately exercised at $1.08 per share and expire 60 days from the date of issuance

Maxim Group was the sole placement agent for the offering

CTM plans on using the proceeds for working capital and general purposes

Stock down 49% YTD after 571% jump in 2024