Western Acquisition Ventures filed a proxy and prospectus outling its proposed merger with Cycurion, a cybersecurity company.
Western has agreed to acquire all of the outstanding equity interests of Cycurion for 9.5 million shares of Western common stock. 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.
