Techprecision Corporation - TPCS STOCK NEWS

Wynnefield Partners, the largest stockholder of TechPrecision (NASDAQ: TPCS), has launched a campaign to rebuild the company's credibility. They are nominating two new directors, General Victor Eugene Renuart Jr. and Robert D. Straus, for election at the upcoming 2024 Annual Meeting. Wynnefield cites TechPrecision's poor stockholder returns, recent M&A failures, and lack of transparency as reasons for change.

The group highlights TechPrecision's underperformance compared to the Russell Micro Index, with a -37.7% 5-year return versus the index's 30.1%. They criticize the failed Votaw acquisition and the underperforming STADCO acquisition, which resulted in significant stockholder dilution. Wynnefield emphasizes the need for new independent voices, increased transparency, and disciplined business judgment on the board to enhance stockholder value.

TechPrecision (NASDAQ:TPCS) has received a standard notice from Nasdaq on July 18, 2024, indicating non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The company has until September 16, 2024, to submit a compliance plan, with a possible extension until January 13, 2025. This notification does not immediately affect TPCS's listing or trading on the Nasdaq Capital Market. The company has filed a Current Report on Form 8-K with the SEC providing additional details about the Nasdaq notifications and related terms.

TechPrecision (NASDAQ: TPCS) has announced the successful pricing and closing of a $2.3 million private placement. The transaction involved the purchase of 666,100 shares of common stock and an equal number of warrants, priced at $3.45 per unit. Each warrant has an exercise price of $4.00 per share, becomes exercisable six months post-issuance, and expires five years from issuance. The offering, facilitated by Wellington Shields & Co. , was conducted under Section 4(a)(2) of the Securities Act of 1933 and Regulation D. TechPrecision is required to file a registration statement within 30 days to cover the resale of the issued shares and warrants.

TechPrecision announced preliminary Q4 2024 financials and filed Form 12b-25 for an extension to file the FY 2024 Annual Report. For Q4 2024, Ranor had net sales of $4.53 million with $246,822 net income, and STADCO had net sales of $5.02 million with $379,446 net income. TechPrecision reported no revenue but incurred $400,000 in recurring expenses and $1 million in one-time expenses related to the terminated Votaw Precision Technologies acquisition. These unaudited results are preliminary and may change.

The extension for the FY 2024 report is due to delays in integrating Stadco's financial reporting processes. The company aims to file the report within 15 days of the original due date but cannot guarantee future reporting will be unaffected.

TechPrecision (NASDAQ:TPCS) terminates Stock Purchase Agreement with Doerfer for the acquisition of Votaw Precision Technologies, Inc. The termination led to the disclosure of Cleansing Information provided for the abandoned acquisition financing.

TechPrecision Corporation (NASDAQ:TPCS) received a notice from Nasdaq for non-compliance with filing its Quarterly Report on Form 10-Q. The company has 60 days to submit a plan for compliance, with a possible extension up to 180 days.

TechPrecision Corporation (TPCS) reports a significant increase in backlog to $50.8 million, with customer confidence remaining high. However, third-quarter net sales were lower at $7.6 million, resulting in a consolidated gross profit of $1.2 million, down 23% from the previous year. Operating losses at Stadco have narrowed, but due diligence costs for a potential acquisition led to a $1.0 million impact on the bottom line. The company's financial position shows negative working capital and increased debt levels.

TechPrecision Corporation (NASDAQ:TPCS) announces the release of its 2024 fiscal third-quarter financial results and a conference call scheduled for February 29, 2024.

TechPrecision Corporation (NASDAQ:TPCS) provided a three-year consolidated forecast, including pro forma guidance for fiscal years 2025, 2026, and 2027, in connection with its pending acquisition of Votaw Precision Technologies, Inc. The company aims to showcase potential growth opportunities and shareholder value increase through this acquisition. The forecast includes projected net sales and EBITDA figures for the upcoming years, emphasizing the strategic importance of the acquisition.