Risk Factors Update Summary

• The company changed from a SPAC to a blank check company, with no significant operating history.
• Significant costs incurred and expected for the Business Combination, reducing cash available for other purposes.
• Public Shareholders may have $84,045 remaining in Trust Account, down from $500,000 paid to underwriters.
• Founder Shares holders agreed to vote in favor of business combination, ensuring approval.
• The minimum fair market value required for a business combination increased from 80% to a specific value.
• Potential delay or non-completion of the Business Combination due to various factors beyond control.
• Public Stockholders may own 0.8% of New Cycurion post-Business Combination, potentially none if redemptions occur.
• Limited time to conduct due diligence on potential business targets, impacting ability to create value.
• Shareholders' voting power was clarified, stating they cannot outvote initial stockholders, directors, and officers.
• Risks associated with failing to complete the initial business combination by the Termination Date.
• The deadline for completing the initial business combination was extended from July 11, 2023, to July 11, 2024.
• New Cycurion's strategic plan execution may be hindered if significant stockholders redeem shares.
• Potential delisting by Nasdaq if unable to complete a business combination within the required timeframe.
• The company's ability to access capital markets and common stock price may be negatively impacted.
• New 1% U.S. federal excise tax may apply to redemptions post-Business Combination, impacting fair market value.
• The company may face delisting from Nasdaq due to non-compliance with listing requirements.
• Uncertainty regarding the amount of cash available post-Business Combination, affecting future operations.
• The company identified material weaknesses in internal controls over financial reporting, potentially affecting financial results.
• Underwriting fees from the IPO not adjusted for redemptions, impacting effective total underwriting commissions.