Bell David T 4

What Happened

• David T. Bell, Chief Financial Officer of Castellum, Inc. (CTM), purchased 1,329 shares of Castellum common stock on March 31, 2026. The Form 4 reports the acquisition at $0.45 per share for a total cost of $604. The transaction is reported under code "A" (award/grant or other acquisition) and was completed through the company's 2025 Employee Stock Purchase Plan (ESPP).

Key Details

• Transaction date and price: March 31, 2026 — 1,329 shares at $0.45/share (total $604).
• Acquisition method: Purchase under Castellum’s 2025 Employee Stock Purchase Plan (ESPP).
• Footnote: Purchase price was a 15% discount to the NYSE American closing price on March 30, 2026 (per Form 4 footnote).
• Shares owned after transaction: Not disclosed in the provided filing.
• Filing timeliness: No indication in the provided data that the Form 4 was filed late.

Context

• ESPP purchases are routine employee stock-plan transactions and are often made at a preset discount (here 15%), so they are generally less informative about an insider’s short-term view than open-market buys or large option exercises. This purchase was small in dollar value (~$604), reflecting a routine participation in the company plan rather than a large personal investment decision.