SEC Filing Summary: Western Acquisition Ventures Corp. (WAVS)
Business Context and Reporting Period
This Form 8-K was filed on September 24, 2024, by Western Acquisition Ventures Corp. (the "Company"), a Delaware corporation and emerging growth company. The filing reports the entry into material definitive agreements on September 24, 2024, in connection with a proposed business combination with Cycurion, Inc. ("Cycurion").
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, or operating margins. The document focuses exclusively on new debt instruments established to fund transaction expenses.
- Sponsor Promissory Note: The Company entered into a note with Western Acquisition Ventures Sponsor LLC for a face value of $255,555.56, allowing the Company to borrow up to $230,000.00.
- Cycurion Promissory Note: The Company entered into a note with Cycurion for a face value of $210,555.56, allowing Cycurion to borrow up to $180,000.00 from the Company.
Material Changes
The primary material change is the establishment of two new promissory notes to facilitate the business combination. These agreements create new obligations and potential cash outflows for transaction expenses. No prior comparable period data is provided in this specific filing.
Outlook, Risks, and Management Commentary
Management commentary is limited to the execution of the agreements. The notes are specifically designated for "certain transaction expenses" related to the consummation of the business combination with Cycurion. The filing references the full text of the notes (Exhibits 10.1 and 10.2) for complete terms, indicating that specific interest rates, maturity dates, and repayment conditions are detailed in those exhibits rather than the summary text.
Investor Verification Checklist
- Verify the specific interest rates, maturity dates, and repayment terms in Exhibits 10.1 and 10.2.
- Confirm the status of the business combination with Cycurion, Inc., as these loans are contingent on transaction expenses.
- Review the Company's current cash position to assess the ability to service the $230,000 borrowing capacity if drawn.
- Check for any subsequent filings regarding the actual drawdown of funds under these promissory notes.