- Technology company Castellum (NYSE:CTM) has signed a non-binding letter of intent to acquire an East Coast-based government contractor.
- The potential acquisition, when combined with Castellum’s other, previously announced, pending non-binding LOI is expected to boost Castellum to over a $60M annualized revenue run-rate versus a current $44M run-rate based on announced Q3 2022 results.
- Mark Fuller, President and CEO of Castellum, said: "We are pleased to announce the execution of another LOI to extend our buy-and-build strategy. This additional work in Federal Civilian agencies, will further broaden Castellum's customer base, while adding new capabilities and leveraging past performance enjoyed by our Department of Defense DoD (DODSF) customers with whom we have strong and growing relationships. We also are talking with other companies that have business with DoD and Federal Civilian agencies, about potential acquisition as we are working to double our top line run rate in 2023."
- CTM shares were up ~12% shortly before 10 a.m. ET