TECHPRECISION CORP Enters Material Definitive Agreement

TL;DR

**TPCS just signed a big deal, could be a game-changer.**

AI Summary

TECHPRECISION CORP (TPCS) filed an 8-K on January 5, 2024, reporting a material definitive agreement entered into on December 22, 2023. This filing indicates a significant business event, likely a new contract or partnership, which could impact the company's future revenue and operations. For investors, this matters because such agreements can signal growth opportunities or changes in the company's strategic direction, potentially affecting stock performance.

Why It Matters

This filing signals a new, important business deal for TECHPRECISION CORP, which could lead to increased revenue or strategic shifts. Investors should monitor for details of this agreement as it could significantly impact the company's financial outlook.

Risk Assessment

Risk Level: medium — The filing indicates a material agreement but lacks specific details, creating uncertainty about its financial impact and potential risks or benefits.

Analyst Insight

A smart investor would await further details on the 'Material Definitive Agreement' to assess its potential impact on TECHPRECISION CORP's financials and strategic direction before making any investment decisions.

Key Players & Entities

• TECHPRECISION CORP (company) — the registrant filing the 8-K
• Nasdaq Capital Market (company) — the exchange where TPCS common stock is registered
• December 22, 2023 (date) — date of the earliest event reported
• January 5, 2024 (date) — date the 8-K was filed

Forward-Looking Statements

• TECHPRECISION CORP will provide more details about the Material Definitive Agreement in a subsequent filing or press release. (TECHPRECISION CORP) — high confidence, target: Q1 2024
• The Material Definitive Agreement will positively impact TECHPRECISION CORP's revenue in the next fiscal year. (TECHPRECISION CORP) — medium confidence, target: FY 2025

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share TPCS Nasdaq Capital Marke
• $2,850,000 — nor in the original principal amount of $2,850,000 (the " Ranor Term Loan ") and (ii) prov
• $5,000,000 — ates in the maximum principal amount of $5,000,000 (the " Revolver Loan "). Under the Amen
• $1,000,000 — oan by the Company or its affiliates to $1,000,000 in the aggregate for due diligence and

Filing Documents

• tm2331591d3_8k.htm (8-K) — 25KB
• tm2331591d3_ex10-1.htm (EX-10.1) — 48KB
• 0001104659-24-001787.txt ( ) — 251KB
• tpcs-20231222.xsd (EX-101.SCH) — 3KB
• tpcs-20231222_lab.xml (EX-101.LAB) — 33KB
• tpcs-20231222_pre.xml (EX-101.PRE) — 22KB
• tm2331591d3_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement As previously disclosed, on August 25, 2021, Ranor, Inc. (" Ranor "), a wholly owned subsidiary of TechPrecision Corporation (the " Company "), along with certain affiliates of the Company, entered into that certain Amended and Restated Loan Agreement (as amended, the " Amended and Restated Loan Agreement ") with Berkshire Bank under which, among other things, Berkshire Bank (i) continued a term loan made to Ranor in the original principal amount of $2,850,000 (the " Ranor Term Loan ") and (ii) provided a revolving line of credit loan to such affiliates in the maximum principal amount of $5,000,000 (the " Revolver Loan "). Under the Amended and Restated Loan Agreement and related loan documents, the Ranor Term Loan has a maturity date of December 15, 2027 and the Revolver Loan had a maturity date of December 20, 2023. On December 22, 2023, Ranor and certain affiliates of the Company entered into a Sixth Amendment to Amended and Restated Loan Agreement and Second Amendment to Second Amended and Restated Promissory Note (the " Amendment "). Effective December 20, 2023, the Amendment, among other things (i) extends the maturity date of the Revolver Loan from December 20, 2023 to March 20, 2024; (ii) limits the use of proceeds from the Revolver Loan by the Company or its affiliates to $1,000,000 in the aggregate for due diligence and related professional costs incurred on or prior to March 20, 2024 in connection with any acquisitions; and (iii) makes certain changes to the amount and methods of valuation of equipment securing repayment of the borrowed funds. Other than in respect of the Amended and Restated Loan Agreement, the promissory notes made thereunder, the related security and guaranty documents and the previously disclosed past borrowing relationship, there is no material relationship between Ranor, the Company and the other affiliates of the Company party thereto, on the one hand, and Berkshire Bank, on

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1* Sixth Amendment to Amended and Restated Loan Agreement and Second Amendment to Second Amended and Restated Promissory Note, effective as of December 20, 2023, by and among Ranor, Inc., Stadco New Acquisition, LLC, Stadco, Westminster Credit Holdings, LLC and Berkshire Bank 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) * Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and attachments have been omitted. A copy of any omitted schedule or attachment will be furnished supplementally to the Securities and Exchange Commission upon request.

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. TECHPRECISION CORPORATION Date: January 5, 2024 By: /s/ Barbara M. Lilley Name: Barbara M. Lilley Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR