Cycurion (CYCU) Proxy Filing summary

Executive summary

• Special Meeting scheduled for January 8, 2025, to vote on extending the deadline to complete a business combination by three months, from January 11, 2025, to April 11, 2025.

• The extension is needed due to insufficient time to finalize the registration statement and obtain shareholder approval for the proposed merger with Cycurion, Inc.

• If the extension is not approved, the company will liquidate and redeem all public shares at approximately $10.55 per share.

• The trust account, originally funded with $116.15 million, now holds about $1.83 million after multiple redemption requests.

• The board unanimously recommends voting in favor of all proposals.

Voting matters and shareholder proposals

• Proposal 1: Amend the Charter to extend the business combination deadline to April 11, 2025.

• Proposal 2: Amend the Trust Agreement to allow the extension with a nominal $100 deposit.

• Proposal 3: Allow adjournment of the meeting if more time is needed to solicit votes.

• All proposals are expected to pass due to the sponsor and financial advisor's voting commitments.

Board of directors and corporate governance

• The sponsor and A.G.P. collectively control over 80% of voting shares and have agreed to vote in favor of all proposals.

• The board retains the right to abandon the amendments even if approved by shareholders.

• The board recommends voting "FOR" all proposals.