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.
The SPAC has a $170.44 million deal in hand with cybersecurity company Cycurion, although available cash now stands at about $7.9 million plus a PIPE of up to $5 million
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.
