Castellum, which provides technology services primarily to government agencies, lowered the proposed deal size for its upcoming IPO on Tuesday. The company is currently listed on the OTC under the symbol "ONOV".
The Bethesda, MD-based company now plans to raise $4 million by offering 1.5 million shares (10% secondary) at a price range of $2 to $3. The company had previously filed to offer 3.2 million shares (16% secondary) at a range of $3 to $5. At the midpoint of the revised range, Castellum will raise -71% less in proceeds than previously anticipated.
Because the company plans to raise less than $5 million, Castellum will be excluded from Renaissance Capital's 2022 IPO stats.
Castellum is focused on acquiring and growing technology companies in order to provide services including intelligence analysis, software development, software engineering, program management, strategic and mission planning, information assurance, cybersecurity and policy support, and data analytics. The company's primary customers are US government agencies and departments at the federal, state, and local levels.
Castellum was founded in 2010 and booked $38 million in revenue for the 12 months ended June 30, 2022. It plans to list on the NYSE American under the symbol CTM. EF Hutton is the sole bookrunner on the deal.
