Business Context and Reporting Period
This Form 8-K was filed by Western Acquisition Ventures Corp., not Cycurion, Inc., and relates to a Nasdaq listing-compliance matter. The report date is June 5, 2024; the filing signature and referenced press release are dated June 10, 2024. The delinquent filing concerns the company’s Form 10-Q for the quarter ended March 31, 2024.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating or financial metrics. The referenced March 31, 2024 Form 10-Q had not been filed as of the report date.
Material Changes Versus the Prior Comparable Period
- Nasdaq notified the company that the failure to file its Form 10-Q for the quarter ended March 31, 2024 may constitute an additional basis for delisting.
- The company had previously filed a Form 12b-25 on May 14, 2024, stating that it could not timely file the Form 10-Q without unreasonable effort or expense.
- The filing does not provide comparative financial results or quantify changes from the prior period.
Outlook, Risks, and Unusual Items
- The company has 60 calendar days from the Nasdaq notice to submit a compliance plan.
- If Nasdaq accepts the plan, it may grant an exception of up to 180 calendar days from the Form 10-Q due date, through November 18, 2024, to regain compliance.
- Management stated that it is working to compile the required information and expects to file the Form 10-Q within the 60-day period, which would eliminate the need for a formal compliance plan.
- Nasdaq’s decision may consider the company’s ability to file the delinquent and subsequent periodic reports, its compliance history, the reasons for the delay, corporate events, financial condition, and public disclosures.
- Key risks include failure to respond satisfactorily to Nasdaq, failure to regain listing compliance, and failure to become current with SEC reporting obligations. Delisting remains a potential consequence.
Important Facts to Verify
- Confirm whether this filing is intended to relate to Cycurion, Inc., because the registrant named in the text is Western Acquisition Ventures Corp.
- Verify the actual filing date and the timing of the June 10 press release relative to the June 5 report date.
- Determine whether the company filed the March 31, 2024 Form 10-Q within the stated 60-day period.
- Confirm Nasdaq’s subsequent decision regarding any compliance plan, extension, or delisting action.
- Review the eventual Form 10-Q for the company’s financial condition, liquidity, debt, and any explanation for the delayed filing.