Castellum, which provides technology services primarily to government agencies, raised $3 million by offering 1.5 million shares (10% secondary) at $2, the low end of the downwardly revised range of $2 to $3. The company originally planned to offer 3.2 million shares (16% secondary) at $3 to $5, before revising the terms on Monday.
Because the company raised less than $5 million, Castellum will be excluded from Renaissance Capital's 2022 IPO stats.
Castellum plans to list on the NYSE American under the symbol CTM. EF Hutton acted as sole bookrunner on the deal.
