Western Acquisition Ventures Corp.

09/26/2025 | Press release | Distributed by Public on 09/26/2025 14:28

Amendments to Bylaws (Form 8-K)

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On September 25, 2025, the board of directors of Cycurion, Inc. (the "Company") waived the Series A Convertible Preferred Stock lock-up restrictions. The holders of our Series A Convertible Preferred Stock (and the underlying securities for which the holders have conversion rights) were previously subject to a one-year lock-up of their securities that commenced on the closing of the business combination with Western Acquisition Ventures Corp. on February 14, 2025, subject to release from the lock-up after six months from the closing if, thereafter, the daily trading value of shares of our common stock is greater than $150,000 for 30 consecutive trading days and the 30-day VWAP for shares of our common stock is greater than $5.00. As the Company's common stock does not meet the conditions set forth above to release the holders of the Series A Convertible Preferred Stock from the lock-up restrictions after six months from the closing of the business combination, the board of directors of the Company deemed it in the best interests to waive such lock-up restrictions as the Series A Convertible Preferred Stock accrues approximately $120,000 per year in stock or cash payments. If the holders of the Series A Convertible Preferred Stock convert such preferred stock into common stock, the Company could save approximately $120,000 in costs on its income statement, which is part of the Company's strategic recapitalization to strengthen its balance sheet and support growth initiatives.

Western Acquisition Ventures Corp. published this content on September 26, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 26, 2025 at 20:28 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]