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