Form 4: Castellum Executive Sells Shares Under 10b5-1 Plan

Castellum, Inc. General Counsel Jay O. Wright reported the sale of 30,000 shares of common stock at $1.05 per share, executed under a Rule 10b5-1 plan.

Summary

• Jay O. Wright, a Director, 10% Owner, General Counsel, Secretary, and EVP Strategy of Castellum, Inc. (CTM), reported a transaction.
• The transaction involved the disposition of 30,000 shares of Castellum Common Stock.
• The shares were sold at a price of $1.05 per share.
• The transaction date was 12/19/2025.
• Following this transaction, Jay O. Wright beneficially owns 7,134,973 shares of Common Stock directly.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 4

Explanation: The sale of shares by a key insider, even under a pre-planned 10b5-1 program, can be perceived as a slight negative signal regarding the insider's long-term conviction or personal liquidity needs, though the pre-planned nature mitigates the severity.

Positives

• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-scheduled sale rather than a discretionary one based on new material non-public information, which enhances transparency and reduces the perception of opportunistic selling.

Negatives

• A key insider, holding multiple significant roles including Director, 10% Owner, General Counsel, Secretary, and EVP Strategy, reduced their direct ownership by selling 30,000 shares.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This insider transaction is specific to Castellum, Inc. and does not directly provide broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders may interpret the reduction in direct insider ownership as a potential signal, although the pre-planned nature of the sale under Rule 10b5-1(c) reduces concerns about opportunistic selling based on new material non-public information.

Key Dates

Recommendation

While the sale by a key executive is a notable event, its execution under a Rule 10b5-1 plan suggests it was pre-scheduled and not based on immediate, undisclosed negative information. Investors should monitor future insider activity and company performance, but this single transaction, given its context, does not warrant an immediate 'buy' or 'sell' recommendation. A 'hold' stance is appropriate to observe further developments.

Keywords

Castellum, CTM, insider trading, Form 4, stock sale, executive compensation, Jay O. Wright, 10b5-1 plan