Western Acquisition Ventures in a proxy filing seeks another six months on its termination deadline. from July 11 to Jan. 11, 2024. A separate proposal, if approved, would allow the chairman to adjourn meetings if there are not sufficient votes to pass the extension.
At announcement last November, the Cycurion deal had an implied initial enterprise value of approximately $170.44 million. Redemptions ahead of the last extension vote in January erased 73% of the SPAC's trust.
Prior to those redemptions, proceeds were to consist of the $116.77 million cash in trust Western originally held, and a PIPE of up to $5 million.
Founded in 2017, Cycurion has built an end-to-end offering of cybersecurity protection that serves multiple Federal Government and commercial organizations. The Company has three wholly owned subsidiaries, Axxum Technologies, Cloudburst Security and Cycurion Innovation. Read more.