Business Context and Reporting Period
This Form 8-K, filed May 2, 2022, was submitted by Western Acquisition Ventures Corp., not Cycurion, Inc. The filing reports the commencement of separate trading of the common stock and warrants originally issued as units in the company’s January 2022 initial public offering.
Key Financial and Capital Markets Information
- The company completed an initial public offering of 11,500,000 units at $10.00 per unit.
- Gross IPO proceeds were $11.5 million.
- Each unit consisted of one share of common stock and one warrant.
- Each warrant entitles the holder to purchase one share of common stock at $11.50 per share, subject to adjustment.
- The filing does not provide revenue, profit, cash flow, margins, debt, liquidity balances, or other operating financial metrics.
Material Changes Versus the Prior Comparable Period
On May 2, 2022, separate trading began for the common stock under the symbol WAVS and the warrants under the symbol WAVSW. Units not separated continued to trade under WAVSU. The filing does not report period-over-period operating or financial changes.
Guidance, Outlook, Risks, and Unusual Items
- Unit holders must instruct their brokers to contact American Stock Transfer & Trust Company, LLC, the transfer agent, to separate the units into common stock and warrants.
- No financial guidance or business outlook is provided.
- The warrant exercise price is subject to adjustment, but the filing does not describe the applicable adjustment terms.
- The primary unusual item is the commencement of separate trading of the securities following the IPO.
Investor Verification Priorities
- Verify the registrant identity: the filing names Western Acquisition Ventures Corp., while the request metadata identifies Cycurion, Inc.
- Confirm the IPO share and warrant terms, including the $11.50 warrant exercise price and any adjustment provisions.
- Confirm the trading symbols and market listings for the units, common stock, and warrants.
- Review the related prospectus and subsequent filings for escrowed IPO proceeds, redemption provisions, sponsor interests, and liquidity restrictions.