Western Acquisition Ventures in an 8-K filing said shareholders approved the proposal to extend its merger deadline with cybersdecirity company Cycurion in monthly increments until July 11. The SPAC in return has agreed to deposit $10,000 for each month required.
Redemptions of 10,729,779 shares pulled the cash in trust down to $7.865 million, the SPAC said. Western now has 4,021,221 shares of common stock outstanding and the pro rata portion of the funds available is approximately $10.21 per share.
At announcement two months ago, the Cycurion deal had an implied initial enterprise value of approximately $170.44 million.
Prior to the redemptions, proceeds were to consist of the $116.77 million cash in trust Western had at the time, and a PIPE of up to $5 million.
Since its founding 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.
Source: Western Acquisition Ventures Sustains Redemptions of 73% As Shareholders Approve Extension