Castellum (NYSEMKT:CTM) stock is on the rise Monday after the company secured a contract with the U.S. Air Force.
The contract sparking the rise in CTM stock today is the Architecture and Integration Directorate Multiple Award Indefinite Delivery/Indefinite Quantity Contract. This is with “the Department of the Air Force, Air Force Materiel Command, Air Force Life Cycle Management Center, Architecture, and Integration Directorate.”
Castellum is one of the winners of this contract, which allows to it compete for up to $900 million in orders. Its focus is on the “development of innovative approaches that bring multi-domain systems capabilities, the characterization of new technologies and systems through studies, recurrent demonstration, and rapid development to enable rapid prototyping, and test and capability transition.”
CEO Comments on the Contract
Mark Fuller, President and CEO of Castellum, said the following about the news:
“With a 10-year period of performance we will be focusing resources and efforts on this contract vehicle to provide the Air Force with a variety of services to meet their mission needs while growing and diversifying the customer base of Castellum.”
With today’s news comes heavy trading of CTM stock. As of this writing, more than 1 million shares of the stock have changed hands. That’s a major leap from the daily average trading volume of 479,000 shares.
CTM stock is up 9% as of Monday morning.
Investors searching for more stock market news are in the right place!
InvestorPlace has all of the hottest stock market news traders need to know about on Monday! Among that is what has shares of Rivian Automotive (NASDAQ:RIVN), Coupa (NASDAQ:COUP) and a certain meme stock on the move today! You can read more on these matters at the links below!
More Monday Stock Market News
- Rivian (RIVN) Stock Falls Ahead of Nasdaq 100 Entry
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- Meme Stocks Alert: Weber (WEBR) Stock Is Going Private
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.