Business Context and Reporting Period
Western Acquisition Ventures Corp. filed a Form 8-K reporting a Nasdaq listing-compliance matter. The report date was March 11, 2024, with the filing signed March 12, 2024. The provided filing identifies Western Acquisition Ventures Corp. as the registrant; it does not identify Cycurion, Inc. in the filing text.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial performance metrics.
Material Changes Versus the Prior Comparable Period
The filing reports that the entire board of directors resigned effective December 27, 2023. As a result, the company no longer complied with Nasdaq requirements relating to a majority-independent board, audit committee, and compensation committee under Listing Rule 5605(b)(1).
Guidance, Outlook, Risks, Contingencies, and Unusual Items
- Nasdaq granted a cure period ending on the earlier of the company’s next annual stockholders’ meeting or December 28, 2024.
- If the next annual meeting occurs before June 25, 2024, the company must demonstrate compliance by June 25, 2024.
- Failure to regain compliance within the cure period would result in written notification that the company’s securities will be delisted.
- Management stated that it is actively working to regain compliance within the cure period.
Important Facts for Investors to Verify
- Confirm the correct issuer, because the filing names Western Acquisition Ventures Corp., while the request identifies Cycurion, Inc.
- Verify whether the company reconstituted its board and committees before the applicable Nasdaq deadline.
- Monitor subsequent SEC filings and Nasdaq notices for confirmation of compliance or delisting proceedings.
- Assess the potential effect of any listing disruption on the company’s securities and capital-raising ability.