TechPrecision Corp Files 8-K for Material Agreement
Ticker: TPCS · Form: 8-K · Filed: Jun 3, 2024 · CIK: 1328792
| Field | Detail |
|---|---|
| Company | Techprecision Corp (TPCS) |
| Form Type | 8-K |
| Filed Date | Jun 3, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $2,850,000, $5,000,000, $4,500,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, filing
TL;DR
TechPrecision Corp signed a big deal, filing an 8-K on 5/28/24.
AI Summary
On May 28, 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.
Why It Matters
This filing indicates a significant new agreement for TechPrecision Corporation, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.
Key Numbers
- 000-41698 — Commission File Number (SEC filing identifier for TechPrecision Corp)
- 51-0539828 — IRS Employer Identification No. (Tax identification for TechPrecision Corp)
Key Players & Entities
- TechPrecision Corporation (company) — Registrant
- May 28, 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
What is the nature of the Material Definitive Agreement filed by TechPrecision Corporation?
The filing indicates the entry into a Material Definitive Agreement, but the specific details of the agreement are not provided in the excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on May 28, 2024.
Where are TechPrecision Corporation's principal executive offices located?
The principal executive offices are located at 1 Bella Drive, Westminster, MA 01473.
In which state is TechPrecision Corporation incorporated?
TechPrecision Corporation is incorporated in Delaware.
What is the SIC code for TechPrecision Corporation?
The Standard Industrial Classification (SIC) code for TechPrecision Corporation is 3440, which corresponds to Fabricated Structural Metal Products.
Filing Stats: 776 words · 3 min read · ~3 pages · Grade level 14.8 · Accepted 2024-06-03 16:05:15
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 — wers in the maximum principal amount of $5,000,000 (the " Revolver Loan "). Under the Amen
- $4,500,000 — of the Revolver Loan from $5,000,000 to $4,500,000; and (iii) effective on June 1, 2024, i
Filing Documents
- tm2416208d1_8k.htm (8-K) — 25KB
- tm2416208d1_ex10-1.htm (EX-10.1) — 58KB
- 0001104659-24-067776.txt ( ) — 263KB
- tpcs-20240528.xsd (EX-101.SCH) — 3KB
- tpcs-20240528_lab.xml (EX-101.LAB) — 33KB
- tpcs-20240528_pre.xml (EX-101.PRE) — 22KB
- tm2416208d1_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 (together with Ranor, the " Borrowers "), entered into that certain Amended and Restated Loan Agreement (as amended from time to time, 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 the Borrowers 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 May 24, 2024. On May 28, 2024, Ranor and the other Borrowers entered into an Eighth Amendment to Amended and Restated Loan Agreement and Fourth Amendment to Second Amended and Restated Promissory Note (the " Amendment ") with Berkshire Bank. Effective May 24, 2024, the Amendment, among other things, (i) extends the maturity date of the Revolver Loan from May 24, 2024 to August 30, 2024; (ii) amends the maximum principal amount of the Revolver Loan from $5,000,000 to $4,500,000; and (iii) effective on June 1, 2024, increases the Term SOFR Margin (as defined in the Amendment) used to calculate the interest rate from 2.25% per annum to 2.50% per annum. 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 description of the Amendment is qua
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Eighth Amendment to Amended and Restated Loan Agreement and Fourth Amendment to Second Amended and Restated Promissory Note, executed on May 28, 2024, and effective as of May 24, 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: June 3, 2024 By: /s/ Barbara M. Lilley Name: Barbara M. Lilley Title: Chief Financial Officer