Western Acquisition Ventures in an 8-K said shareholders approved extending the SPAC’s deal deadline to July 11. Redemptions, if any, were not disclosed.
The SPAC has a merger agreement with Cycurion, a provider of tech-enabled cybersecurity solutions, at an implied initial enterprise value of approximately $170.44 million at deal announcement in November 2022.
Redemptions ahead of an extension vote in January 2023 erased 73% of the SPAC’s trust. Western raised $100 million in a January 2022 IPO.
Western has agreed to acquire all of the outstanding equity interests of Cycurion for 9.5 million shares of the SPAC’s common stock. The parties agreed to a pre-money valuation of Cycurion of $95 million. The SPAC has also said it has PIPE commitments for up to $5 million.
Cash proceeds will be used to fund operations, support growth, strategic acquisitions and for general corporate purposes. The proceeds will be funded through a combination of Western’s approximately $116.77 million cash in trust, again, assuming no redemptions, 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.
