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Western Acquisition Ventures Corp. (NASDAQ:WAVS), a company specializing in computer programming services, has announced an extension of its deadline to consummate a business combination. The decision, approved by stockholders on October 9, 2024, is detailed in a recent 8-K filing with the Securities and Exchange Commission.
The extension, formalized through the Sixth Amendment to the Second Amended and Restated Certificate of Incorporation, pushes the deadline from October 11, 2024, to January 11, 2025. This amendment was filed with the Delaware Secretary of State immediately following stockholder approval.
During the virtual special meeting held on October 9, stockholders voted on several proposals related to the extension. The first proposal to amend the Certificate of Incorporation to extend the business combination deadline passed with 3,364,473 votes in favor and only 1,225 against.
Similarly, the proposal to amend the company’s investment management trust agreement, allowing for the extension by depositing $100 into the Trust Account, received the same voting results.
The third proposal, which would allow the chairman to adjourn the special meeting to a later date if necessary, also passed with the same number of votes for and against as the previous proposals.
The filing also included the form of an amendment to the Investment Management Trust Agreement and a cover page interactive data file embedded within the Inline XBRL document.
The information is based on a press release statement and the recent SEC filing by the company.
In other recent news, Western Acquisition Ventures Corp. has entered into a significant agreement with RiverNorth SPAC Arbitrage Fund, LP, transferring 5,000 shares each month for the next three months to secure the investor's commitment of holding their current 99,800 shares.
The company has also secured two promissory notes, one with its sponsor, Western Acquisition Ventures Sponsor LLC, for $255,555.56 and another with Cycurion for $210,555.56, to facilitate the upcoming business combination.
In addition to these developments, Western Acquisition Ventures has made a significant change in its independent registered public accounting firm, transitioning from Marcum LLP to WWC, P.C., with no disagreements or reportable events noted during the transition period.
InvestingPro Insights
As Western Acquisition Ventures Corp. (NASDAQ:WAVS) extends its deadline for a business combination, InvestingPro data offers additional context for investors. The company's market capitalization stands at $38.4 million, reflecting its current size as it seeks a merger target.
InvestingPro Tips highlight that WAVS has not been profitable over the last twelve months, with an adjusted operating income of -$1.37 million. This aligns with the company's status as a SPAC, which typically does not generate operational revenue before completing a business combination.
Another InvestingPro Tip notes that WAVS does not pay a dividend to shareholders, which is common for SPACs as they focus on finding a suitable merger target rather than distributing profits.
Investors should be aware that the stock's price is currently at 73.38% of its 52-week high, suggesting potential volatility as the company approaches its new January 2025 deadline.
For those seeking a deeper analysis, InvestingPro offers 7 additional tips for WAVS, providing a more comprehensive view of the company's financial position and market performance.
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