Western Acquisition Ventures in a regulatory filing said it was notified by the Nasdaq that it no longer meets the minimum 500,000 publicly held shares requirement for continued listing. The SPAC has until March 22 to submit a plan for regailing compliance.
Western Acquisition Ventures has a merger agreement with Cycurion, a cybersecurity company. A proxy on the deal was filed last month.
The parties agreed to a pre-money valuation of Cycurion of $95 million. The SPAC has also said it his pipe commitments for up to $5 million.
At announcement last in November 2022 November, the Cycurion deal had an implied initial enterprise value of approximately $170.44 million. Redemptions ahead of an extension vote in January 2023 erased 73% of the SPAC's trust.
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.