* The remainder of this cover page shall be filled
out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this
cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 95758L 107
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1
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Names of Reporting Persons.
Western Acquisition Ventures Sponsor LLC
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2
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a) ¨
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(b) ¨
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3
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SEC Use Only
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4
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Source of Funds (See Instructions):
WC
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5
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Check if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e):
¨
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6
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Citizenship or Place of Organization.
Delaware
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Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With
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7
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Sole Voting Power
0
|
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8
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Shared Voting Power
2,501,000
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9
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Sole Dispositive Power
0
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10
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Shared Dispositive Power
2,501,000
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11
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Aggregate Amount Beneficially Owned by Each Reporting
Person
2,501,000
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12
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
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13
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Percent of Class Represented by Amount in Row
(11)
17.9%
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14
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Type of Reporting Person (See Instructions)
OO
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CUSIP No. 95758L 107
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1
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Names of Reporting Persons.
William Lischak
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2
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Check the Appropriate Box if a Member of a Group (See Instructions)
|
|
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(a) ¨
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|
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(b) ¨
|
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3
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SEC Use Only
|
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4
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Source of Funds (See Instructions):
OO
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5
|
Check if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e):
¨
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6
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Citizenship or Place of Organization.
United States
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Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With
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7
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Sole Voting Power
0
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8
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Shared Voting Power
2,501,000
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9
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Sole Dispositive Power
0
|
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10
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Shared Dispositive Power
2,501,000
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11
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Aggregate Amount Beneficially Owned by Each Reporting
Person
2,501,000
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12
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
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13
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Percent of Class Represented by Amount in Row
(11)
17.9%
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14
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Type of Reporting Person (See Instructions)
IN
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Item 1.
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Security and Issuer.
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This statement on Schedule
13D (the “Schedule 13D”) relates to the common stock, par value $0.0001 per share (the “Common Stock”),
of Western Acquisition Ventures Corp., a Delaware corporation (the “Issuer”) whose principal executive offices are
located at 42 Broadway, 12th Floor, New York, NY 10004.
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Item 2.
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Identity and Background
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The Schedule 13D is being
filed by the following persons (each a “Reporting Person” and, collectively, the “Reporting Persons”):
Western Acquisition Ventures Sponsor
LLC (“Sponsor”); and
William Lischak.
Sponsor is organized under
the laws of the State of Delaware. Mr. Lischak is a citizen of the United States. The address for the principal business office of Mr.
Lischak is 42 Broadway, 12th Floor, New York, NY 10004.
The principal occupation of
Mr. Lischak is serving as managing member of the Sponsor. The principal business of Sponsor is investing in securities, including the
securities of the Issuer.
During the last five years,
none of the Reporting Persons (i) has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to such laws.
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Item 3.
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Source and Amount of Funds or Other Consideration.
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The aggregate purchase price
for the Placement Units (as defined below) was $3,760,000. The aggregate purchase price for the Founder Shares (as defined below) was
$25,000. In each case, the source of these funds was the working capital of Sponsor.
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Item 4.
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Purpose of Transaction
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Founder Shares
On June 9, 2021, the Sponsor
purchased 4,312,500 common shares (the “Founder Shares”) for an aggregate purchase price of $25,000, which included
1,207,500 representative shares previously transferred from the Sponsor to an affiliate of A.G.P./Alliance Global Partners, the representative
of the Issuer’s underwriters, on June 16, 2021 for $7,000. On November 22, 2021, the Issuer effected a 2-for-3 reverse stock
split of its Common Stock, resulting in there being an aggregate of 2,125,000 Founder Shares outstanding. The Founder Shares represent
15.2% of the Issuer’s issued and outstanding shares after the initial public offering (“IPO”).
Placement Units
On January 14, 2022, as part
of a private placement units purchase agreement dated January 11, 2022 (the “Subscription Agreement for Private Placement Units”),
the Sponsor purchased 376,000 private placement units (the “Placement Units”) from the Issuer for an aggregate purchase
price of $3,760,000. Each Placement Unit consists of one share of common stock (“Placement Share”) and one redeemable
warrant (each, a “Placement Warrant”). Each whole Placement Warrant is exercisable to purchase one share of Common
Stock at a price of $11.50 per share, subject to adjustment, on the later of one year after the closing of the IPO of the Issuer or the
period commencing 30 days following the consummation of the Business Combination.
The foregoing description
of the Subscription Agreement for Private Placement Units does not purport to be complete and is subject to, and qualified in its entirety
by, the full text of the agreement, which is attached as an exhibit hereto and incorporated herein by reference.
Letter Agreement
Sponsor and the Issuer entered
into a letter agreement (the “Letter Agreement”) pursuant to which Sponsor agreed to (i) waive its redemption rights
with respect to its Founder Shares and Common Stock in connection with the completion of the Business Combination, (ii) waive its redemption
rights with respect to its Founder Shares and Common Stock in connection with a stockholder vote to approve an amendment to the Issuer’s
amended and restated certificate of incorporation (A) to modify the substance or timing of the Issuer’s obligation to allow redemption
in connection with the Issuer’s Business Combination or certain amendments to the Issuer’s charter prior thereto or to redeem
100% of the Issuer’s Common Stock if the Issuer does not complete the Business Combination within 12 months from the closing of
the IPO (which is extendable at the Sponsor’s option to up to 18 months as described in the Registration Statement on Form S-1 (File
No. 333-260384), as amended (the “Registration Statement”)) or (B) with respect to any other provision relating to
stockholders’ rights or pre-Business Combination activity and (iii) waive its rights to liquidating distributions from the trust
account with respect to its Founder Shares if the Issuer fails to complete the Business Combination within 12 months from the closing
of the IPO (which is extendable at the Sponsor’s option to up to 18 months as described in the Registration Statement), although
Sponsor will be entitled to liquidating distributions from the trust account with respect to any Common Stock it holds if the Issuer fails
to complete the Business Combination within the prescribed time frame.
Voting Agreement
Pursuant to the Letter Agreement,
Sponsor agreed to vote any Founder Shares, Placement Shares, and any Common Stock purchased during or after the IPO (including in open
market and privately negotiated transactions) in favor of the Business Combination. If the Issuer submits the Business Combination to
its public stockholders for a vote, the Issuer will complete the Business Combination only if a majority of the outstanding shares of
Common Stock voted are voted in favor of the Business Combination.
Lock-up Agreement
Further
pursuant to the Letter Agreement, Sponsor agreed that the Founder Shares, Placement Units, and securities contained therein are not transferable
or salable (A) in the case of the Founder Shares, until the earlier of (i) one
year after the completion of the Business Combination, and (ii) subsequent to the Business Combination, if the last reported sale
price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing after the Business Combination; and (B) in the
case of the Placement Units, including the component securities therein, until 30 days after the completion of the Business Combination,
with certain limited exceptions.
The foregoing description
of the Letter Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the agreement,
which is attached as an exhibit hereto and incorporated herein by reference.
Registration Rights Agreement
In connection with the closing
of the IPO, the Issuer entered into a registration rights agreement (the “Registration Rights Agreement”) with Sponsor,
pursuant to which Sponsor is entitled to make up to three demands, excluding short form demands, that the Issuer register Founder Shares,
Placement Units, any Common Stock issuable upon the exercise of Placement Warrant, and any Common Stock that may be issued as part of
working capital loans. In addition, Sponsor has certain “piggy-back” registration rights with respect to certain registration
statements filed subsequent to the Business Combination and rights to require the Issuer to register for resale such securities pursuant
to Rule 415 under the Securities Act.
The foregoing description
of the Registration Rights Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text
of the agreement, which is attached as an exhibit hereto and incorporated herein by reference.
General
The Reporting Persons acquired
the securities described in this Schedule 13D for investment purposes and intend to review their investments in the Issuer on a continuing
basis. Subject to the terms of the Letter Agreement, any actions the Reporting Persons might undertake may be made at any time and from
time to time without prior notice and will be dependent upon the Reporting Persons’ review of numerous factors, including, but not
limited to: an ongoing evaluation of the Issuer’s business, financial condition, operations and prospects; price levels of the Issuer’s
securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities;
and other future developments.
Subject to the terms of the
Letter Agreement, the Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities
then held, in the open market or in privately negotiated transactions, including pursuant to registered transactions pursuant to the Registration
Rights Agreement. In addition, the Reporting Persons and their designees to the Issuer’s board of directors (the “Board”)
may engage in discussions with management, the Board, and securityholders of the Issuer and other relevant parties or encourage, cause
or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization
or other transaction that could result in the de-listing or de-registration of the Common Stock; sales or acquisitions of assets or businesses;
changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer’s business or corporate
structure, including changes in management or the composition of the Board. There can be no assurance, however, that any Reporting Person
will propose such a transaction or that any such transaction would be successfully implemented.
Other than as described above,
the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items
4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate
different plans or proposals with respect thereto at any time.
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Item 5.
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Interest in Securities of the Issuer
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(a) - (b)
The following sets forth,
as of the date of this Schedule 13D, the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned
by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting Person has the sole power
to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of or shared
power to dispose or to direct the disposition of, as of the date hereof, based on 14,001,000 shares of Common Stock outstanding as of
January 14, 2022, which includes: (i) 11,500,000 shares of Common Stock sold to the public, and (ii) 2,125,000 Founder Shares.
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Reporting Person
|
|
Amount
beneficially
owned
|
|
|
Percent
of class
|
|
|
Sole
power to
vote or to
direct the
vote
|
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Shared
power to
vote or to
direct the
vote
|
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Sole
power to
dispose or
to direct
the disposition
|
|
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Shared
power to
dispose or
to direct
the disposition
|
|
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Western Acquisition Ventures Sponsor LLC
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|
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2,501,000
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17.9
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%
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|
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0
|
|
|
|
2,501,000
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|
|
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0
|
|
|
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2,501,000
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|
William Lischak
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2,501,000
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17.9
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%
|
|
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0
|
|
|
|
2,501,000
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|
|
|
0
|
|
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2,501,000
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The securities reported above
are held of record by Sponsor and include: (i) 11,500,000 shares of Common Stock sold to the public, and (ii) 2,125,000 Founder Shares.
Sponsor is the record holder
of the securities reported herein. Mr. Lischak is the sole managing member of the Sponsor. By virtue of this relationship, Mr. Lischak
may be deemed to share beneficial ownership of the securities held of record by Sponsor.
(c) The Reporting Persons
have not effected any transactions of the Issuer’s Common Stock during the 60 days preceding the date of this report, except as
described in Item 4 of this Schedule 13D, which information is incorporated herein by reference.
(d) Not applicable.
(e) Not applicable.
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Item 6.
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Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
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Item 4 above summarizes certain
provisions of the Subscription Agreement for Private Placement Units, Letter Agreement, and Registration Rights Agreement and is incorporated
herein by reference. A copy of these agreements are attached as exhibits to this Schedule 13D, and are incorporated herein by reference.
Except as set forth herein,
none of the Reporting Persons or Related Persons has any contracts, arrangements, understandings or relationships (legal or otherwise)
with any person with respect to any securities of the Issuer, including but not limited to any contracts, arrangements, understandings
or relationships concerning the transfer or voting of such securities, finder’s fees, joint ventures, loan or option arrangements,
puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.
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Item 7.
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Materials to be Filed as Exhibits
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Exhibit
Number
|
|
Description
|
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1
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Joint Filing Agreement.
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2
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Letter Agreement, dated January 11, 2022, by and among the Issuer, its officers, its directors and the Sponsor. (Incorporated by reference to Exhibit 10.1 to the Issuer’s Current Report on Form 8-K filed January 14, 2022).
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3
|
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Registration Rights Agreement, dated January 11, 2022, by and between the Issuer and the Sponsor. (Incorporated by reference to Exhibit 10.3 to the Issuer’s Current Report on Form 8-K filed January 14, 2022).
|
|
4
|
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Subscription Agreement for Private Placement Units, dated January 11, 2022, by and between the Issuer and the Sponsor. (Incorporated by reference to Exhibit 10.4 to the Issuer’s Current Report on Form 8-K filed January 14, 2022).
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SIGNATURES
After reasonable inquiry and
to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date:
January 21, 2022
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WESTERN ACQUISITION Ventures SPONSOR LLC
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|
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By:
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/s/ William Lischak
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Name:
|
William Lischak
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Title:
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Managing Member
|
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|
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WILLIAM LISCHAK
|
|
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/s/ William Lischak
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