Cycurion, Inc.
Filed May 7, 2025.
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A company's registration of shares for sale to the public, often for a first offering. It describes the business, its risks and how the company plans to use the money.
period unavailable · Filed May 7, 2025
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As filed with the Securities and Exchange Commission on May 7, 2025
File No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORMS-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
| Delaware | 7371 | 86-3720717 |
|---|---|---|
| (State or Other Jurisdiction of Incorporation or Organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |
1640 Boro Place, Fourth Floor
McLean, VA 22102
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
L. Kevin Kelly
Chief Executive Officer
Cycurion, Inc.
1640 Boro Place, Fourth Floor
McLean, VA 22102
(703) 854-1652
(Name, Address Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
With a copy to:
| Keith Billotti Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 (212) 574-1200 | Randolf Katz Clark Hill LLP 555 South Flower Street, 24th Floor Los Angeles, CA 90071 (213) 891-9100 |
|---|
Approximate Date of Commencement of Proposed Sale to the Public: From time to time after the effective date of this registration statement, as determined by market conditions.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.☐
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a) of the Securities Act, may determine.
The information in this prospectus is not complete and may be changed. The selling stockholder may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any state where such offer or sale is not permitted.
| PRELIMINARY PROSPECTUS | SUBJECT TO COMPLETION, DATED MAY 7, 2025 |
|---|
Up to $15,000,000 in Shares of Common Stock
Up to 4,500,000 Shares of Common Stock Underlying a Pre-Funded Warrant
This prospectus relates to the offer and sale from time to time by the Yield Point NY LLC (the “Investor” or the “Selling Stockholder”) or its permitted assigns of (i) up to an aggregate of up to $15 million in shares of our common stock, with a par value of $0.0001 per share (“Common Stock”), relating to shares that may be issued to the Selling Stockholder pursuant to an equity purchase agreement with the Investor dated as of April 7, 2025 (the “Equity Purchase Agreement”); and (ii) up to 4,500,000 shares of Common Stock issuable to the Investor upon exercise of a pre-funded warrant (“Pre-Funded Warrant”) issued as its commitment fee (“Commitment Fee”) under the Equity Purchase Agreement (“Commitment Stock”). Under the Equity Purchase Agreement, we have the right to present the Investor with a put notice (each, a “Put Notice”) directing the Investor to purchase shares of our Common Stock in an amount per Put Notice (“Put Stock”) determined pursuant to the limitations in the Equity Purchase Agreement, at a per-share price equal to 90% of the lowest daily volume-weighted average price (“VWAP”) during the three consecutive trading days following the Put Notice date. We currently have reserved 40,000,000 shares of our authorized and unissued shares of Common Stock solely for the purpose of effecting purchases of the shares under the Equity Purchase Agreement (“Reserve Shares”).
In connection with the Equity Purchase Agreement, we have the right, but not the obligation, to direct the Investor to purchase up to $60 million in shares of our Common Stock upon satisfaction of certain terms and conditions contained in the Equity Purchase Agreement, including, without limitation, an effective registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of Put Stock and Commitment Stock (as defined below). This prospectus only relates to the resale of $15 million in shares of Common Stock. See the sections of this prospectus entitled “Prospectus Summary-The Offering” and “The ELOC Transaction” for more detail regarding the sale of shares under the Equity Purchase Agreement.
We are registering the offer and sale of these securities to satisfy certain registration rights we have granted. The Selling Stockholder may offer, sell, or distribute all or a portion of the securities hereby registered publicly or through private transactions at prevailing market prices or at negotiated prices. We will not receive any of the proceeds from such sales of the shares of our Common Stock, except with respect to amounts received by us upon the exercise of the Pre-Funded Warrant. We will bear all costs, expenses, and fees in connection with the registration of these securities, including with regard to compliance with state securities or “blue sky” laws. The Selling Stockholder will bear all commissions and discounts, if any, attributable to their sale of shares of our Common Stock or the shares of our Common Stock underlying the Pre-Funded Warrant. See the section entitled “Plan of Distribution” of this prospectus for additional information.
Our shares of Common Stock are listed on The Nasdaq Global Market, and our warrants are listed on The Nasdaq Capital Market under the symbols “CYCU” and “CYCUW”, respectively. On May 6, 2025, the closing sale price of our Common Stock was $0.45.
The Selling Stockholder is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended (the “Securities Act”) with respect to the resale of the shares of Common Stock hereunder.
We are an “emerging growth company,” as defined under the federal securities laws, and, as such, may elect to comply with certain reduced public company reporting requirements for future SEC filings.
Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading “Risk Factors” beginning on page 10 of this prospectus before investing in our securities.
Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is May 7, 2025
TABLE OF CONTENTS
| ABOUT THIS PROSPECTUS | ii |
|---|---|
| PROSPECTUS SUMMARY | 1 |
| OFFERING SUMMARY | 8 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | 9 |
| RISK FACTORS | 10 |
| USE OF PROCEEDS | 28 |
| THE ELOC TRANSACTION | 29 |
| MARKET PRICE OF OUR COMMON STOCK AND DIVIDEND INFORMATION | 31 |
| BUSINESS | 32 |
| MANAGEMENT | 43 |
| EXECUTIVE AND DIRECTOR COMPENSATION | 48 |
| BENEFICIAL OWNERSHIP OF SECURITIES | 49 |
| SELLING STOCKHOLDER | 50 |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 51 |
| DESCRIPTION OF OUR SECURITIES | 56 |
| SECURITIES ACT RESTRICTIONS ON RESALE OF COMMON STOCK | 66 |
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF CYCURION | 67 |
| PLAN OF DISTRIBUTION | 73 |
| TAXATION | 75 |
| LEGAL MATTERS | 78 |
| EXPERTS | 78 |
| WHERE YOU CAN FIND MORE INFORMATION | 78 |
| INDEX TO FINANCIAL STATEMENTS | F-1 |
The registration statement containing this prospectus, including the exhibits to the registration statement, provides additional information about us and the Common Stock offered under this prospectus. The registration statement, including the exhibits, can be read on our website and the website of the U.S. Securities and Exchange Commission. See “Where You Can Find More Information.”
Information contained in, and that can be accessed through our web site, www.cycurion.com, shall not be deemed to be part of this prospectus or incorporated herein by reference and should not be relied upon by any prospective investors for the purposes of determining whether to purchase the Common Stock offered hereunder.
Unless the context otherwise requires, the terms “we,” “us,” “our,” the “Company,” “Cycurion” and “our business” refer to Cycurion, Inc. and “this offering” refers to the offering contemplated in this prospectus.
Neither we nor the Selling Stockholder authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under the circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus or in any applicable free writing prospectus is current only as of its date, regardless of its time of delivery or any sale of shares of our Common Stock. Our business, financial condition, results of operations and prospects may have changed since that date. We are not, and the Selling Stockholder are not, making an offer of these securities in any jurisdiction where such offer is not permitted.
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