Castellum (NYSEMKT:CTM) stock is taking off on Monday after the cybersecurity company announced a strategic alliance with Krilla Kaleiwahea.
Castellum is a long-time partner of the U.S. government working alongside the Department of Defense (DOD). With this alliance, it can work with Krilla Kaleiwahea, which offers its eligibility status as a Native Hawaiian government contractor.
The result of these two working together is contracts of up to $100 million. Castellum will also benefit from the experience of Krilla Kaleiwahea leadership team as they work on federal government projects.
Glen Ives, president and CEO of Castellum, said the following about the strategic alliance.
“We are very pleased to announce this important alliance with K2/ Our combined capabilities and K2’s Native Hawaiian status will enable us to jointly go after a broad array of government contracts across the DOD and civilian federal government. We are ecstatic to work with Jeffrey Krilla, Peter Krilla, and the K2 team.”
CTM Stock Movement on Monday
Castellum stock is volatile on Monday following its strategic alliance announcement. This saw the company’s shares taking off 40% higher during pre-market trading. However, the stock switched to a downward trend after the opening bell.
This has CTM stock down 4.7% as of Monday morning. That comes with more than 53 million shares traded. For the record, the company’s daily average trading volume is about 137,000 shares. Its float is also 22.52 million units.
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On the date of publication, William White did not have (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.
