TechPrecision Corp Enters Material Definitive Agreement

TL;DR

TechPrecision Corp signed a big deal on 3/20/24. Details in new 8-K.

AI Summary

On March 20, 2024, TechPrecision Corporation entered into a Material Definitive Agreement. The filing also includes financial statements and exhibits related to this agreement. The company is incorporated in Delaware and its principal executive offices are located at 1 Bella Drive, Westminster, MA 01473.

Why It Matters

This filing indicates a significant new contract or partnership for TechPrecision Corporation, which could impact its future revenue and operations.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities, the specifics of which are not detailed in this initial filing.

Key Numbers

• 001-41698 — SEC File Number (Identifies the company's filing history with the SEC.)
• 51-0539828 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• TECHPRECISION CORPORATION (company) — Registrant
• March 20, 2024 (date) — Date of earliest event reported
• 1 Bella Drive, Westminster, MA 01473 (location) — Address of principal executive offices
• Delaware (jurisdiction) — State of Incorporation

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 — isitions to (a) increase the limit from $1,000,000 to $2,000,000 in the aggregate and (b)
• $2,000,000 — ) increase the limit from $1,000,000 to $2,000,000 in the aggregate and (b) extend the lim

Filing Documents

• tm2411371d1_8k.htm (8-K) — 24KB
• tm2411371d1_ex10-1.htm (EX-10.1) — 43KB
• 0001104659-24-045213.txt ( ) — 245KB
• tpcs-20240320.xsd (EX-101.SCH) — 3KB
• tpcs-20240320_lab.xml (EX-101.LAB) — 33KB
• tpcs-20240320_pre.xml (EX-101.PRE) — 22KB
• tm2411371d1_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 March 20, 2024. On March 20, 2024, Ranor and certain affiliates of the Company entered into a Seventh Amendment to Amended and Restated Loan Agreement and Third Amendment to Second Amended and Restated Promissory Note (the " Amendment "). Effective March 20, 2024, the Amendment, among other things (i) extends the maturity date of the Revolver Loan from March 20, 2024 to May 24, 2024; and (ii) amends the limit on the use of proceeds from the Revolver Loan by the Company for due diligence and related professional costs in connection with any acquisitions to (a) increase the limit from $1,000,000 to $2,000,000 in the aggregate and (b) extend the limit to include costs incurred from the prior cut-off of March 20, 2024 through May 10, 2024. 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 the other hand. The desc

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Seventh Amendment to Amended and Restated Loan Agreement and Third Amendment to Second Amended and Restated Promissory Note, effective as of March 20, 2024, 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)

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: April 9, 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