Welcome to our dedicated page for Techprecision Corporation news (Ticker: TPCS), a resource for investors and traders seeking the latest updates and insights on Techprecision Corporation stock.
TechPrecision Corporation, the parent company of subsidiaries Ranor, Inc. and STADCO, specializes in manufacturing metal fabricated and machined precision components and systems. With a focus on defense, aerospace, nuclear, medical, and precision industries, TechPrecision offers end-to-end solutions for customized products. Through Ranor and STADCO, the company delivers large-scale precision equipment and components, emphasizing quality, innovation, and efficiency.
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Wynnefield Capital, the largest institutional stockholder of TechPrecision Corporation, is demanding the company's board to allow stockholders to vote on the proposed Votaw acquisition, citing concerns about stockholder value destruction and significant dilution. The company's poor stock performance, declining by 14.7% to $4.46 per share on January 8, 2024, and by 37.8% since the proposed acquisition on November 29, 2023, has raised alarm. TechPrecision's board is accused of disregarding stockholder interests and failing to engage with shareholders. The company's stock performance has been consistently poor, declining by 22.0% on a year-to-date basis and by 37.4% in 2023. The acquisition of STADCO also resulted in a 31.3% decline in TPCS shares. Wynnefield Capital is calling for accountability and transparency from the board and management.
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TechPrecision Corporation (TPCS) announced the expiration of the 45-day diligence period for the acquisition of Votaw Precision Technologies, Inc. The company is committed to closing the acquisition and believes it will raise revenue to a level more consistent with that typically expected of a public company. The Board is unanimous in support of the acquisition and has a significant personal financial interest in its success.
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Wynnefield Capital Concerned About TechPrecision Corporation (NASDAQ: TPCS) Proposed Acquisition of Votaw Precision Technologies
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TechPrecision Corporation (NASDAQ:TPCS) announced preliminary financial results for the fiscal year ended October 31, 2023 of Votaw Precision Technologies, Inc. Revenues for the fourth quarter were $13.73 million with a net income of $2.015 million. EBITDA for the same period was $2.927 million.
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Wynnefield Capital (NASDAQ: TPCS) demands TechPrecision Corporation hold a public conference call to explain the proposed acquisition of Votaw Precision Technologies to stockholders. The company's recent share price decline to below $6.00, resulting in an end-of-day 52-week low of $6.06 per share and a year-to-date decline of 26.8% as of November 30, 2023. The reported Votaw purchase price of $85 million, plus an additional $25 million as an earnout payment, raises concerns due to TechPrecision's market capitalization of approximately $53 million and its financial liabilities.
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TechPrecision Corporation (NASDAQ:TPCS) announced the acquisition of Votaw Precision Technologies, Inc. The acquisition is expected to more than double the company's revenue and EBITDA, strengthening its strategic capabilities in the defense and aerospace industries. The purchase price is $85M, with TechPrecision paying $70M at closing and obligated to pay up to an additional $25M as an earnout payment over three years based on Votaw's FY2024 EBITDA. The acquisition is anticipated to be completed between December 15, 2023, and March 31, 2024.
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TechPrecision Corporation (NASDAQ:TPCS) reported a strong backlog of $44.6 million as of September 30, 2023, with customer confidence remaining high. However, second quarter consolidated net sales were $8.0 million, a 6% decrease compared to the same period in fiscal 2023. Ranor reported net sales of $4.5 million, a 9% decrease, while Stadco's net sales were $3.6 million, a 1% increase. The company had a net loss of $528,000. Despite the losses, the CEO expects revenue growth and gross margin expansion in the next one to three fiscal years.
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TechPrecision Corporation (NASDAQ:TPCS) Announces Q2 2024 Financial Results Release and Conference Call. The company will release financial results for its 2024 fiscal second quarter on November 20, 2023, and hold a conference call at 4:30 p.m. Eastern time. Investors can participate by dialing 1-888-506-0062 (U.S.) or 1-973-528-0011 (International) and referencing TechPrecision with entry code 287096. A replay will be available until December 4, 2023, and the call will also be accessible online.
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TechPrecision reports strong backlog increase and higher net sales for Q1 FY2024. Stadco subsidiary shows revenue growth and improved gross profit. Ranor reports a decrease in net sales. Losses have narrowed year over year. Expectations of delivering strong backlog over the next one to three fiscal years.
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TechPrecision Corporation (NASDAQ:TPCS) to Release 2024 Fiscal First Quarter Financial Results on August 21, 2023
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FAQ
What is the current stock price of Techprecision Corporation (TPCS)?
The current stock price of Techprecision Corporation (TPCS) is $3.2 as of February 4, 2025.
What is the market cap of Techprecision Corporation (TPCS)?
The market cap of Techprecision Corporation (TPCS) is approximately 30.7M.
What industries does TechPrecision serve?
TechPrecision provides its services to defense, aerospace, nuclear, medical, and precision industries.
What kind of products does TechPrecision manufacture?
The company manufactures metal fabricated and machined precision components and systems.
What subsidiaries does TechPrecision own?
TechPrecision owns subsidiaries Ranor, Inc. and STADCO, which are involved in manufacturing precision components.
What is the focus of TechPrecision's business?
TechPrecision focuses on offering customized solutions for completed products requiring fabrication, machining, assembly, inspection, and testing.
How does TechPrecision emphasize quality?
TechPrecision emphasizes quality through outstanding technical expertise, attention to detail, and a total commitment to excellence.
Techprecision Corporation
Nasdaq:TPCS
TPCS Rankings
TPCS Stock Data
30.69M
8.35M
13.1%
14.76%
0.09%
Metal Fabrication
Fabricated Structural Metal Products
United States of America
WESTMINSTER