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Castellum Inc (OTCMKTS:ONOV) Stock Jumps After The Acquisition News

Pete Matthews , , , ,

If you are looking into stocks which may have recorded significant jumps on Monday then it might be the right time to consider taking a look at the Castellum Inc (OTCMKTS:ONOV) stock.

Market Stats

On Monday, ONOV stock ended higher by 8.60% to $0.1770 with more than 101k shares, compared to its average volume of 36k shares. The stock has moved within a range of $0.1710 – 0.2000 after opening trading at $0.1790.

Castellum Announces Signing of LOI to Acquire $4 Million Government Contractor

Yesterday, the stock was in sharp focus following a major announcement from the company and ended the day with gains of as much as 8.5%. In this situation, it may be a good move from investors to consider taking a look at the announcement a bit more closely. The company announced that it inked a letter of intent with regards to the acquisition of a government contractor based out of the East Coast.

In this regard, it should also be noted that Castellum had also announced that the government contractor generated as much as $4 million in the form of yearly revenues. The company also noted that once the due diligence for the transaction is completed, it expects to complete the acquisition at some point in the first quarter of 2022.

The news of the acquisition came as a source of considerable optimism for investors and that was reflected in the price action. In addition to that, it should be noted that the company also pointed out that it was going to continue to look for more acquisitions.

Key Quote

“We are happy to announce our next LOI, which adds more than 25 employees and further strengthens our past performance by adding more capabilities in Information Warfare/Information Operations (IW/IO) serving the special operations community,” said Mark Fuller, President and CEO of Castellum.

Traders Corner

ONOV stock is trading below the 50-Day and 200-Day Moving averages of $0.20 and $0.22 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.18.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.