Castellum, Inc. Announces More Aggressive Cost Reduction Plan; Comments on Stock Trading Price
14 Junho 2023 - 7:45AM
Castellum, Inc. (the “Company”) (NYSE American: CTM), a
cybersecurity and electronic warfare services company focused on
the federal government, announces that it has increased its
targeted cost reductions to $8.2 million from the previously
announced $6 million per year in cash and non-cash indirect costs,
general and administrative costs, and overhead costs. The Company
has started to make some of the planned cuts and expects to make
the remaining changes over the next 45 days to improve the
profitability of the Company.
“We have been able to identify $8.2 million of
annualized cost reductions, roughly half cash and the other half
non-cash from our prior baseline,” said Mark Fuller, President, and
Chief Executive Officer of Castellum. “We do not expect any of
these changes to affect our business development or operating
activities and, therefore, they should lead to significantly
improved profitability in Q3 of this year. We will continue to
pursue accretive acquisitions and invest in organic growth but from
a better baseline operating performance.”
Castellum also notes that its stock price has
closed below $1.00 per share for 30 consecutive trading days as of
the close of business on June 13, 2023. “We are optimistic that the
cost cuts we are making will help us recover the ground we have
lost with our stock price over the past 30 trading days,” added Mr.
Fuller. “We recognize that we are now on the clock to improve our
price over the next 180 days in order to regain full compliance
with NYSE American LLC (“NYSE American) listing standards. We will
therefore be spending time over the coming weeks and months meeting
with current and prospective shareholders to tell the Castellum
story and encourage people to join us as larger shareholders of the
Company.”
Cautionary Statement Concerning
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. These forward-looking statements represent the Company’s
expectations or beliefs concerning future events and can generally
be identified by the use of statements that include words such as
“estimate,” “project,” “believe,” “anticipate,” “intend,” “plan,”
“foresee,” “likely,” “will,” “goal,” “target” or similar words or
phrases. Forward-looking statements include, but are not limited
to, statements regarding the Company’s expectations for revenue
growth and new customer opportunities, improvements to cost
structure, and profitability. 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 materially from the results expressed or implied
in the forward-looking statements, including, among others: the
Company’s ability to compete against new and existing competitors;
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 the 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. For a more detailed description
of these and other risk factors, please refer to the Company’s
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q
and other filings with the Securities and Exchange Commission
(“SEC”) which can be viewed at www.sec.gov. 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. The Company expressly disclaims
any intent or obligation to update any of the forward-looking
statements made in this release or in any of its SEC filings except
as may be otherwise stated by the Company.
Contact:
Skyline Corporate Communications Group, LLC Lisa
Gray, Senior Account Manager One Rockefeller Plaza, 11th Floor
New York, NY 10020 Office: 646.893.5835 x1
Email: lisa@skylineccg.com; info@castellumus.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5e269662-5f64-4939-81dd-34e5f9ac9f24
Castellum (AMEX:CTM)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Castellum (AMEX:CTM)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024