Published on November 23rd, 2022 📆 | 7826 Views ⚑0
Cybersecurity Company Cycurion to Go Public Through Western SPAC Merger
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Cybersecurity platforms provider Cycurion has agreed to merge with blank check company Western Acquisition Ventures (Nasdaq: WAVS) in a transaction that would take the former public and give the combined entity a total pro forma equity value of about $271.63 million.
The boards of directors of Cycurion and Western have unanimously approved the deal that is expected to conclude in the first quarter of 2023, the companies said in a joint release published Tuesday.
The combined company will operate under the name Cycurion and list on Nasdaq upon the deal’s completion.
Emmit McHenry, founder and CEO of Cycurion, will continue oversee the new company, along with its existing leadership team that includes Chief Financial Officer Alvin McCoy, Chief Operating Officer Kurt McHenry and Chief Technology Officer Ami Ahnine.
“We are excited to become a publicly traded company and expect that we will continue to grow through both organic investments and strategic acquisitions,” said Emmit.
McLean, Virginia-based Cycurion has been delivering managed security, consulting support, managed information technology and services to federal, state, local government and commercial customers since 2017. The company has three subsidiaries focused on providing cybersecurity services to agencies and industry clients: Axxum Technologies, Cloudburst Security and Cycurion Innovation.
The transaction will be backed by approximately $116.8 million cash in trust from Western and a private investment in public equity valued at $5 million from institutional investors.
Cycurion plans to use the cash proceeds to fund strategic acquisitions, operations and growth initiatives.
A.G.P./Alliance Global Partners serves as exclusive financial adviser to Western, while J.P. Galda & Co. acts as legal counsel to the special purpose acquisition company.
Clark Hill advises Cycurion on the transaction’s legal aspect. Financial Profiles serves as investor relations adviser to Western and Cycurion.