SEC Filing Summary: Western Acquisition Ventures Corp. (WAVS)
Business Context and Reporting Period
This Form 8-K was filed on January 8, 2025, reporting events occurring on January 6, 2025. The registrant, Western Acquisition Ventures Corp. (a Special Purpose Acquisition Company or SPAC), is an emerging growth company. The filing details the entry into material definitive agreements to facilitate a proposed business combination with Cycurion, Inc.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, or operating margins, as this is a current report regarding specific transaction agreements rather than a periodic financial statement. The only financial figures disclosed relate to new debt instruments:
- Sponsor Promissory Note: Principal amount of $111,111.11, allowing the Company to borrow up to $100,000.00 for transaction expenses.
- Cycurion Promissory Note: Principal amount of $55,555.56, allowing Cycurion to borrow up to $50,000.00 from the Company for transaction expenses.
Material Changes
The primary material change is the execution of two promissory notes on January 6, 2025, designed to fund transaction costs associated with the pending merger between Western Acquisition Ventures Corp. and Cycurion, Inc. No prior comparable period data is provided in this filing.
Outlook, Risks, and Management Commentary
Management commentary is limited to the description of the agreements. The notes are explicitly intended to cover expenses related to the consummation of the Business Combination. The filing notes that the summaries of the notes are qualified in their entirety by the full text of the agreements filed as Exhibits 10.1 and 10.2. No specific guidance, risk factors, or contingencies beyond the transaction funding are detailed in this text.
Key Facts for Investor Verification
- Verify the full terms of the Sponsor Promissory Note (Exhibit 10.1) and Cycurion Promissory Note (Exhibit 10.2), including interest rates, maturity dates, and repayment conditions.
- Confirm the current status of the proposed business combination with Cycurion, Inc., as these loans are contingent on transaction completion.
- Review the Company's total cash position and existing debt obligations to assess the impact of these new borrowings on liquidity.
- Check for any subsequent filings regarding the approval or termination of the merger with Cycurion.