8-K Summary
Registrant and period: Western Acquisition Ventures Corp. (subsequently associated with Cycurion, Inc.) filed a current report covering events in July 2023. The filing reports a July 9, 2023 special stockholders’ meeting, a charter amendment filed July 11, 2023, and was signed July 13, 2023.
Business Context
Western Acquisition Ventures was a special purpose acquisition company seeking to complete a business combination. Stockholders approved an extension of the business-combination deadline from July 11, 2023 to January 11, 2024.
Financial and Capital Markets Metrics
- Following redemptions, approximately $3.215 million remained in the trust account as of July 10, 2023.
- The remaining trust funds represented approximately $10.53 per public share.
- Stockholders redeemed an aggregate of 464,811 shares.
- Following redemptions, the company had 3,556,410 shares of common stock outstanding, including 2,875,000 founder shares and 376,000 private placement shares not subject to redemption.
- The filing does not provide operating revenue, profit, cash flow, margins, debt, or liquidity metrics beyond the trust-account balance.
Material Changes Versus the Prior Position
- The business-combination deadline was extended by six months, from July 11, 2023 to January 11, 2024.
- The trust account and public-share count decreased as a result of the 464,811 share redemptions.
- The investment management trust agreement was amended to permit the extension for the full six-month period.
Governance, Outlook, and Risks
- Proposal 1, approving the charter amendment, passed with 3,149,156 votes for, 313,761 against, and no abstentions.
- Proposal 2, approving the trust-agreement amendment, passed with the same vote totals.
- Proposal 3, authorizing an adjournment if additional solicitation was needed, was not presented because it was unnecessary.
- The extension provided additional time to complete a business combination but did not indicate that a transaction had been completed or guarantee completion before January 11, 2024.
- Continued redemptions and the limited trust-account balance could reduce available transaction capital. The filing does not describe specific financing commitments, transaction terms, or other contingencies.
Important Facts to Verify
- Whether the planned business combination was completed by January 11, 2024 and under what terms.
- The final number of shares outstanding and trust-account balance after all redemptions and transaction-related activity.
- Whether additional financing or shareholder approvals were required.
- The relationship between Western Acquisition Ventures Corp. and Cycurion, Inc., including any subsequent name change or merger documentation.
- Any later filings describing operating results, debt, liquidity, or material risks.