Western Acquisition Ventures Corp. Q2 2024 Update

Ticker: CYCUW · Form: 10-Q · Filed: Sep 30, 2024 · CIK: 1868419

Sentiment: neutral

Topics: spac, financials, quarterly-report

TL;DR

WAVS 10-Q filed: Financials for Q2 2024 out, mentions past deals & sponsor activity.

AI Summary

Western Acquisition Ventures Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial information and business activities, including references to founder shares and private placements from prior years like 2021 and 2022. A subsequent event on August 6, 2024, involving the Sponsor is also noted.

Why It Matters

This filing provides insight into the financial status and ongoing activities of Western Acquisition Ventures Corp., which could impact investors and stakeholders.

Risk Assessment

Risk Level: medium — The filing pertains to a SPAC, which inherently carries higher risk due to its structure and reliance on future acquisitions.

Key Numbers

Key Players & Entities

FAQ

What is the current status of Western Acquisition Ventures Corp.'s search for a business combination?

The filing does not explicitly detail the current status of the search for a business combination, but it provides financial updates for the period ending June 30, 2024.

Are there any significant new business developments or acquisitions mentioned in this 10-Q?

This 10-Q focuses on financial reporting for the quarter ending June 30, 2024, and mentions a subsequent event on August 6, 2024, related to the Sponsor, but does not detail new acquisitions.

What was the nature of the 'Forward Purchase Agreement' with AlphaCapital Anstalt?

The filing indicates a Forward Purchase Agreement with AlphaCapital Anstalt occurred on January 10, 2023, but the specific terms and details of this agreement are not elaborated upon in the provided excerpt.

How are the 'Founder Shares' structured and what is their current status?

Founder Shares are mentioned in relation to related parties and specific dates in 2021 and 2024, indicating their historical context and potential ongoing relevance, though specific details on their current status are not provided.

What is the significance of the 'Sponsor Member Subsequent Event' on August 6, 2024?

The filing notes a subsequent event involving the 'Sponsor Member' on August 6, 2024, but the exact nature and implications of this event are not detailed in the provided text.

Filing Stats: 4,617 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-09-30 16:49:18

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 2 Item 1.

Financial Statements

Financial Statements 2 Cons olidated C on densed Balance Sheets as of June 30 , 2024 (unaudited) and December 31, 2023 2 Unaudited C onsolidated Condensed Statements of Operations for the three and six months ended June 30 , 2024 and 2023 3 Unaudited C onsolidated Condensed Statements of Changes in Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 4 Unaudited Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 Notes to Unaudited Consolidated Condensed Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). The statements contained in this Report that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Report may include, for example, statements about our: ability to complete our initial business combination; success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements; potential ability to obtain additional financing to complete our initial business combination; pool of prospective target businesses; the ability of our officers and directors to generate a number of potential investment opportunities; potential change in control if we acquire one or more target businesses for stock; the potential liquidity and trading of ou

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS WESTERN ACQUISITION VENTURES CORP. CONSOLIDATED CONDENSED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Restricted Cash $ 14,876 $ 8,651 Due from Sponsor 93,593 99,961 Prepaid expenses and other assets 40,500 9,338 Total current assets 148,969 117,950 Investments held in Trust Account 2,600,504 3,293,966 TOTAL ASSETS $ 2,749,473 $ 3,411,916 LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 1,595,566 $ 1,099,166 Due to Trust Account 93,593 99,961 Loan payable 569,169 204,222 Derivative liability-Forward Purchase Agreement — 665,116 Excise tax payable 1,149,502 1,143,296 Income tax payable 12,500 72,824 Franchise tax payable 18,000 21,247 Total liabilities 3,438,330 3,305,832 COMMITMENTS AND CONTINGENCIES (Note 6) REDEEMABLE COMMON STOCK Common stock subject to possible redemption, $ 0.0001 par value, 246,472 and 305,410 shares at redemption value of approximately $ 10.87 and $ 10.83 per share as of June 30, 2024 and December 31, 2023, respectively 2,678,473 3,308,364 STOCKHOLDERS' DEFICIT Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — Common stock; $ 0.0001 par value; 50,000,000 shares authorized; 3,251,000 shares issued and outstanding (excluding 246,472 and 305,410 shares subject to possible redemption) as of June 30, 2024 and December 31, 2023, respectively 324 324 Additional paid-in capital 119,479 — Accumulated deficit ( 3,487,133 ) ( 3,202,604 ) Total stockholders' deficit ( 3,367,330 ) ( 3,202,280 ) TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' DEFICIT $ 2,749,473 $ 3,411,916 The accompanying notes are an integral part of these unaudited Consolidated Condensed financial statements. 2 Table of

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