Form 4: Castellum officer Jay Wright sells 100,000 shares

Jay O. Wright sold 100,000 CTM shares at about $1.15–$1.156 and continues to hold 7.42 million shares directly.

Summary

• Jay O. Wright, General Counsel, Secretary, EVP-Strategy, and Director of Castellum, Inc. (CTM), reported open-market sales of common stock.
• Sold 90,000 shares on 11/14/2025 at $1.15 per share (Transaction Code: S).
• Sold 10,000 shares on 11/17/2025 at $1.156 per share (Transaction Code: S).
• Beneficial ownership after the 11/14 transaction: 7,433,973 shares, held directly.
• Beneficial ownership after the 11/17 transaction: 7,423,973 shares, held directly.
• Form filed by a single reporting person; signed by Jay O. Wright on 11/18/2025.
• No derivative transactions were reported.

Sentiment

Score: 4

Explanation: Insider selling by a senior officer/director can be perceived negatively, though the sale represents a small portion relative to the large remaining direct ownership.

Positives

• Reporting person retains a significant direct holding of 7,423,973 shares after the transactions.
• No derivative securities activity reported, simplifying the ownership profile.
• Clear disclosure of transaction details, pricing, and updated beneficial ownership.

Negatives

• Insider selling by a senior officer and director totaling 100,000 shares over two trading days.
• Sales occurred at relatively low price points near $1.15–$1.156 per share, which may weigh on sentiment.

Future Outlook

No forward-looking statements or guidance provided in this Form 4.

Industry Context

Insider sales are common and can occur for varied reasons; a relatively small sale compared with a large remaining stake generally does not imply operational changes and is in line with typical insider trading activity seen across small-cap issuers.

Comparison to Industry Standards

• The sale volume (100,000 shares) is modest relative to the insider’s reported remaining holdings (7,423,973 shares), which is consistent with typical periodic selling observed among executives in small-cap companies.
• No complex derivative transactions were reported, aligning with straightforward insider activity observed at many micro/small-cap peers.

Stakeholder Impact

• Shareholders: potential mild negative sentiment due to insider selling.
• Corporate insiders: continued significant alignment with shareholders given 7,423,973 shares still held directly.
• Market participants: incremental increase in tradable supply from insider to public holders may affect near-term trading dynamics.

Key Dates

Keywords

Castellum, CTM, Form 4, insider selling, Jay O. Wright, beneficial ownership, common stock, director, general counsel, EVP Strategy, open market sale, SEC