Filing Overview
This Form 8-K was filed by Western Acquisition Ventures Corp. on April 11, 2023, reporting an event occurring on April 3, 2023. The provided metadata identifies Cycurion, Inc.; however, the filing text names Western Acquisition Ventures Corp. as the registrant.
Business Context and Reporting Period
The filing concerns the registrant’s continued listing status on The Nasdaq Stock Market. It does not provide operating results or cover a quarterly or annual reporting period.
Material Event and Listing Status
- Nasdaq notified the company that its Minimum Value of Listed Securities (MVLS) had remained below the required $50 million minimum for 30 consecutive business days under Nasdaq Listing Rule 5450(b)(2)(A).
- The deficiency notice had no immediate effect on the listing of the company’s common stock, warrants, or units.
- The securities continued trading on the Nasdaq Global Market under symbols WAVS, WAVSW, and WAVSU, respectively.
- The company had until October 2, 2023, to regain compliance. MVLS would need to close at or above $50 million for at least 10 consecutive business days during the compliance period.
- The company could alternatively apply to transfer its securities to the Nasdaq Capital Market.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating or financial performance metrics.
Management Commentary, Risks, and Contingencies
Management stated that it intended to monitor MVLS and evaluate available options to resolve the deficiency and regain compliance. If compliance was not restored by October 2, 2023, Nasdaq staff could issue a delisting notice. The company would then have the right to appeal a delisting determination to a Nasdaq hearings panel.
The company cautioned that there could be no assurance it would regain or maintain compliance with Nasdaq listing standards.
Important Facts to Verify
- Whether the filing relates to Cycurion, Inc. or to its predecessor or related registrant, Western Acquisition Ventures Corp.
- Whether the company regained Nasdaq MVLS compliance by October 2, 2023.
- Whether the securities remained listed on the Nasdaq Global Market or transferred to the Nasdaq Capital Market.
- Whether Nasdaq ultimately issued a delisting determination and whether the company appealed it.