TechPrecision Appoints New CFO, Michael Zito
Ticker: TPCS · Form: 8-K · Filed: Sep 23, 2024 · CIK: 1328792
| Field | Detail |
|---|---|
| Company | Techprecision Corp (TPCS) |
| Form Type | 8-K |
| Filed Date | Sep 23, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $250,000, $50,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo-appointment
TL;DR
TechPrecision just hired Xometry's old CFO, Michael Zito. Big move for their finance team.
AI Summary
On September 19, 2024, TechPrecision Corporation announced the appointment of Michael J. Zito as Chief Financial Officer, effective immediately. Zito will also serve as Principal Financial Officer and Principal Accounting Officer. He previously held the CFO position at Xometry Inc. and has a compensation package including a base salary of $300,000 and a target annual bonus of 50% of his base salary.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $300,000 — CFO Base Salary (Annual compensation for Michael J. Zito.)
- 50% — CFO Target Bonus (Potential annual bonus for Michael J. Zito as a percentage of his base salary.)
Key Players & Entities
- TechPrecision Corporation (company) — Registrant
- Michael J. Zito (person) — Newly Appointed CFO
- Xometry Inc. (company) — Previous Employer of New CFO
- $300,000 (dollar_amount) — New CFO's Base Salary
- 50% (dollar_amount) — New CFO's Target Annual Bonus Percentage
FAQ
What is Michael J. Zito's previous experience?
Michael J. Zito was previously the Chief Financial Officer at Xometry Inc.
When was Michael J. Zito's appointment effective?
Michael J. Zito's appointment was effective immediately as of September 19, 2024.
What are Michael J. Zito's new roles at TechPrecision Corporation?
Michael J. Zito has been appointed Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer.
What is the base salary for the new CFO?
The base salary for Michael J. Zito is $300,000 per year.
What is the target annual bonus for the new CFO?
The target annual bonus for Michael J. Zito is 50% of his base salary.
Filing Stats: 967 words · 4 min read · ~3 pages · Grade level 13 · Accepted 2024-09-23 16:08:20
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share TPCS Nasdaq Capital Market
- $250,000 — l: (i) receive an annual base salary of $250,000; (ii) receive a grant of 45,000 restric
- $50,000 — ition Date and (iii) receive a bonus of $50,000 upon the satisfaction of certain operat
Filing Documents
- tm2424537d1_8k.htm (8-K) — 29KB
- tm2424537d1_ex10-1.htm (EX-10.1) — 95KB
- tm2424537d1_ex99-1.htm (EX-99.1) — 5KB
- 0001104659-24-102039.txt ( ) — 325KB
- tpcs-20240919.xsd (EX-101.SCH) — 3KB
- tpcs-20240919_lab.xml (EX-101.LAB) — 33KB
- tpcs-20240919_pre.xml (EX-101.PRE) — 22KB
- tm2424537d1_8k_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events On September 23, 2024, the Company issued a press release announcing the CFO transition. A copy of such press release is being furnished as Exhibit 99.1 to this report.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits The following exhibit is furnished herewith: Exhibit Number Description 10.1 Employment Agreement, dated September 19, 2024, by and between TechPrecision Corporation and Richard D. Roomberg 99.1 Press Release, dated September 23, 2024 104 Cover Page Interactive Data File (embedded within Inline XBRL document) Management contract or compensatory arrangement or plan.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TECHPRECISION CORPORATION Date: September 23, 2024 By: /s/ Alexander Shen Alexander Shen Chief Executive Officer