Western Acquisition Ventures Corp. (NASDAQ:WAVS), a $40 million market cap company specializing in computer programming services, has announced amendments to its corporate charter and a change in its fiscal year. The company has shown strong momentum recently, with a 7.5% return over the past week, according to InvestingPro data. On Monday, the company filed a Charter Amendment with the Delaware Secretary of State, following a special meeting where stockholders approved the extension of the deadline to consummate a business combination. The new deadline is set for April 11, 2025, extending the previous date of January 11, 2025.
During the virtual special meeting held on Monday, stockholders voted on several proposals related to the extension. InvestingPro analysis reveals the company faces some financial challenges, with a current ratio of 0.08 indicating short-term obligations exceed liquid assets, and negative earnings per share of -$0.27 in the last twelve months. The first proposal, which passed with 3,366,951 votes in favor and only 1,225 against, was to amend the company's Certificate of Incorporation to allow for the three-month extension period. The second proposal, which received the same amount of votes for and against, was to amend the company's investment management trust agreement. This amendment permits Western Acquisition Ventures to extend the Extended Termination Date by depositing $100 into the Trust Account.
A third proposal, also approved with the same voting results, was to authorize the chairman of the special meeting to adjourn the meeting to a later date if necessary to permit further solicitation and vote of proxies if there were not enough votes to approve the prior proposals.
The Charter Amendment and the form of Amendment to the Investment Management Trust Agreement were included as exhibits in the SEC filing, indicating the formalization of these changes.
In other recent news, Western Acquisition Ventures Corp. has been active in securing its financial future through a series of strategic moves. The company has entered into two separate promissory note agreements to aid its upcoming business combination with Cycurion Inc. One agreement is with its sponsor, Western Acquisition Ventures Sponsor LLC, allowing the company to borrow up to $100,000, while the second note allows Cycurion to borrow up to $50,000 from Western Acquisition Ventures Corp.
The company has also extended its merger timeline with Cycurion, moving the deadline from December 31, 2024, to April 11, 2025. This adjustment was confirmed in its latest 8-K filing with the SEC. Furthermore, Western Acquisition Ventures has amended the executive compensation agreement for its President and CEO, James P. McCormick (NYSE:MKC). The new terms stipulate that McCormick will receive a total compensation of $200,000, part of which will be funded by post-merger capital raising activities.
In addition, Western Acquisition Ventures has secured a non-redemption agreement with RiverNorth SPAC Arbitrage Fund, LP, ensuring the investor's commitment to their current holding of 99,800 shares. Lastly, the company has transitioned from Marcum LLP to WWC, P.C. as its independent registered public accounting firm.
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