Castellum (CTM) said Thursday it has priced a public offering of about 4.2 million of its units at $1.20 apiece for expected gross proceeds of roughly $5 million.

Every unit includes one common share and one warrant to buy one common stock, the company said, adding that the warrants will be immediately exercisable at $1.22 each and will expire 60 days from the issuance date.

Castellum also said it intends to close the offering around Friday and plans to use the net proceeds for working capital and general corporate purposes.

The company's shares were down more than 10% in recent Thursday trading.

Price: 1.22, Change: -0.14, Percent Change: -10.29