Castellum raises $500k equity, refinances $840k debt, extends maturities to fund acquisition

Castellum, Inc.

Raised $500k equity at $1.06/share; issued $840k convertible note due Feb 2024 at 10% interest, convertible at $1.20.
Warrants for 700k shares at $1.38 issued; paid off $1.05M note with $300k cash and 556,250 shares.
No remaining debt maturities in 2023 (except Live Oak term loan); acquisition expected to close in 2-3 weeks.
CEO says financing supports key acquisition to grow Navy cybersecurity business.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

Castellum, Inc. entered into Securities Purchase Agreement with Crom Cortana Fund LLC (effective 2023-02-13).

Action: entry
Agreement: equity purchase
Counterparty: Crom Cortana Fund LLC
Effective: 2023-02-13

Exact text from the filing

Simultaneously therewith, the parties entered into the Securities Purchase Agreement (the “2023 SPA”) pursuant to which Crom purchased (a) a convertible promissory note in the principal amount of $840,000 (the “2023 Note Payable”) which matures February 13, 2024 and bears interest at a per annum rate equal to ten percent (10%) to be paid monthly, and (b) a warrant pursuant to which Crom has the right to purchase up to 700,000 shares of the Company’s common stock (the “2023 Warrant”) at an exercise price of $1.38 which expire sixty months from the date of issuance.

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Castellum, Inc. filing history →

Source: SEC EDGAR

accession 0001575872-23-000291

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