Shimmick Corp Files 8-K
Ticker: SHIM · Form: 8-K · Filed: May 23, 2024 · CIK: 1887944
| Field | Detail |
|---|---|
| Company | Shimmick CORP (SHIM) |
| Form Type | 8-K |
| Filed Date | May 23, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $17.5 m, $15 million, $2.5 million, $10 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-event, financial-reporting
TL;DR
Shimmick Corp filed an 8-K on 5/23/24. Nothing major, just corporate housekeeping.
AI Summary
Shimmick Corp filed an 8-K on May 23, 2024, reporting other events and financial statements. The company, incorporated in Delaware, is headquartered in Irvine, California, and operates in heavy construction. Its former name was SCCI National Holdings, Inc., with a name change effective October 13, 2021.
Why It Matters
This filing provides an update on Shimmick Corp's corporate activities and financial reporting, which is important for investors and stakeholders to monitor the company's status.
Risk Assessment
Risk Level: low — The filing is a routine 8-K for corporate events and financial statements, not indicating any immediate financial distress or significant operational changes.
Key Players & Entities
- Shimmick Corp (company) — Registrant
- SCCI National Holdings, Inc. (company) — Former Company Name
- May 23, 2024 (date) — Date of Report
- October 13, 2021 (date) — Date of Name Change
- Delaware (jurisdiction) — State of Incorporation
- Irvine, CA (location) — Principal Executive Offices
FAQ
What is the primary business of Shimmick Corp?
Shimmick Corp is involved in Heavy Construction Other Than Building Construction - Contractors, as indicated by its Standard Industrial Classification code [1600].
When did Shimmick Corp change its name?
Shimmick Corp changed its name from SCCI National Holdings, Inc. on October 13, 2021.
What is the filing date of this 8-K report?
The filing date of this 8-K report is May 23, 2024.
Where are Shimmick Corp's principal executive offices located?
Shimmick Corp's principal executive offices are located at 530 Technology Drive, Suite 300, Irvine, CA 92618.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 491 words · 2 min read · ~2 pages · Grade level 12.7 · Accepted 2024-05-23 08:00:12
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share SHIM NASDAQ Indicate by
- $17.5 m — ing assets for a total consideration of $17.5 million, consisting of $15 million in cas
- $15 million — eration of $17.5 million, consisting of $15 million in cash and a $2.5 million promissory n
- $2.5 million — consisting of $15 million in cash and a $2.5 million promissory note with the final installm
- $10 million — December 27, 2024. The Company will use $10 million of the proceeds to repay borrowings und
Filing Documents
- shim-20240523.htm (8-K) — 45KB
- 0000950170-24-063761.txt ( ) — 163KB
- shim-20240523.xsd (EX-101.SCH) — 28KB
- shim-20240523_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On May 21, 2024, Shimmick Corporation (the "Company") closed the previously announced asset purchase agreement for the sale of its foundation drilling assets for a total consideration of $17.5 million, consisting of $15 million in cash and a $2.5 million promissory note with the final installment payment due by December 27, 2024. The Company will use $10 million of the proceeds to repay borrowings under the existing Revolving Credit Facility with MidCap Financial Services, LLC and the remaining cash consideration will be used to pay transaction costs and other operational expenses. The Company will continue working on certain existing foundation projects, which are largely expected to be completed by the end of the year.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Company Name Date: May 23, 2024 By: /s/ Devin J. Nordhagen Devin J. Nordhagen Executive Vice President, Chief Financial Officer and Treasurer 2