TechPrecision Corp Enters Material Definitive Agreement
Ticker: TPCS · Form: 8-K · Filed: Sep 10, 2024 · CIK: 1328792
| Field | Detail |
|---|---|
| Company | Techprecision Corp (TPCS) |
| Form Type | 8-K |
| Filed Date | Sep 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $5,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, definitive-agreement
TL;DR
TechPrecision Corp just signed a big deal, details TBD.
AI Summary
On September 4, 2024, TechPrecision Corporation entered into a material definitive agreement. The filing does not disclose specific details of the agreement, such as the counterparty or financial terms, but indicates it is a significant event for the company.
Why It Matters
This filing signals a significant business development for TechPrecision Corporation, potentially impacting its future operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.
Key Players & Entities
- TechPrecision Corporation (company) — Registrant
- September 4, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 1 Bella Drive Westminster, MA 01473 (address) — Principal executive offices
- 978-874-0591 (phone_number) — Registrant's telephone number
FAQ
What is the nature of the material definitive agreement entered into by TechPrecision Corporation?
The filing does not specify the nature of the material definitive agreement.
Who is the counterparty to the material definitive agreement?
The filing does not disclose the identity of the counterparty to the agreement.
What are the key financial terms or obligations associated with this agreement?
The filing does not provide any details regarding the financial terms or obligations of the agreement.
When was the agreement officially entered into?
The earliest event reported in the filing occurred on September 4, 2024, which is the date of the report.
Does this agreement represent an acquisition, merger, or significant partnership?
The filing states it is an 'Entry into a Material Definitive Agreement' but does not specify the type of transaction.
Filing Stats: 698 words · 3 min read · ~2 pages · Grade level 15 · Accepted 2024-09-10 16:05:17
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share TPCS Nasdaq Capital Marke
- $5,000,000 — wers in the maximum principal amount of $5,000,000 (the " Revolver Loan "). Under the Amen
Filing Documents
- tm2423461d1_8k.htm (8-K) — 24KB
- tm2423461d1_ex10-1.htm (EX-10.1) — 44KB
- 0001104659-24-098583.txt ( ) — 245KB
- tpcs-20240904.xsd (EX-101.SCH) — 3KB
- tpcs-20240904_lab.xml (EX-101.LAB) — 33KB
- tpcs-20240904_pre.xml (EX-101.PRE) — 22KB
- tm2423461d1_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 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, each as further amended, the Revolver Loan had a maturity date of August 30, 2024. On September 4, 2024, Ranor and the other Borrowers entered into a Ninth Amendment to Amended and Restated Loan Agreement and Fifth Amendment to Second Amended and Restated Promissory Note (the " Amendment ") with Berkshire Bank. Effective August 30, 2024, the Amendment, among other things, extends the maturity date of the Revolver Loan from August 30, 2024 to January 15, 2025. 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 qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Ninth Amendment to Amended and Restated Loan Agreement and Fifth Amendment to Second Amended and Restated Promissory Note, executed on September 4, 2024, and effective as of August 30, 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: September 10, 2024 By: /s/ Barbara M. Lilley Name: Barbara M. Lilley Title: Chief Financial Officer