Castellum, Inc. Announces Execution of Debt Term Sheet
November 27 2023 - 6:45AM
Castellum, Inc. (the “Company”) (NYSE-American: CTM), a
cybersecurity, electronic warfare, and software services company
focused on the federal government, announces that it has signed a
non-binding $4 million debt term sheet with a significant regional
bank. The closing of the debt financing is subject to customary due
diligence by the bank, including a field audit as well as the
negotiation and execution of definitive loan documents. Castellum
expects that the transaction should close in approximately six
weeks.
“We are pleased to announce that we have signed a
term sheet which, upon closing, will facilitate the partial paydown
and extension of our 2024 debt maturities until 2025 or later,”
said Mark Fuller, President and CEO of Castellum. “We believe that
this non-dilutive financing reflects our improving financial
performance, strong backlog and pipeline, and excellent payment
history on all our existing debt. Closing this transaction will
represent an important milestone for our Company.”
About Castellum,
Inc.
Castellum, Inc. (NYSE-American: CTM) is a
defense-oriented technology company that is executing strategic
acquisitions in the cybersecurity, MBSE, and information warfare
areas - http://castellumus.com/.
Forward-Looking Statements:
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All forward-looking statements are inherently uncertain,
based on current expectations and assumptions concerning future
events or future performance of the company. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which are only predictions and speak only as of the date hereof.
Words such as “will,” “would,” “believe,” and “expects,” and
similar language or phrasing are indicative of forward-looking
statements. These forward-looking statements are subject to risks,
uncertainties, and other factors, many of which are outside of the
Company’s control, that could cause actual results to differ
(sometimes materially) from the results expressed or implied in the
forward-looking statements, including, among others: the Company’s
ability to close the described debt financing; its ability to
effectively integrate and grow its acquired companies; its ability
to identify additional acquisition targets and close additional
acquisitions; the impact on the Company’s revenue due to a delay in
the U.S. Congress approving a federal budget; and the Company’s
ability to maintain the listing of its common stock on the NYSE
American LLC. In evaluating such statements, prospective investors
should review carefully various risks and uncertainties identified
in Item 1A. “Risk Factors” section of the Company’s recently filed
Form 10-Q, Item 1A. "Risk Factors” in the Company’s most recent
Form10-K, and other filings with the Securities and Exchange
Commission which can be viewed at www.sec.gov. These risks and
uncertainties, or not closing the described potential debt
financing in this press release, could cause the Company's actual
results to differ materially from those indicated in the
forward-looking statements.
Contact:
Mark Fuller, President & CEO
info@castellumus.com 301-961-4895
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e0a56f4-4ef5-4b41-ad28-d8f9e376291c
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