TechPrecision Announces Annual Meeting Date and Advises Regarding Filing of FY25 Q1 and Q2 10-Q Reports and S-1
TechPrecision (Nasdaq: TPCS) has announced key dates and updates:
1. The 2024 Annual Meeting of Stockholders will be held virtually on December 19, 2024, at 10:00 a.m. Eastern. The record date for stockholder voting eligibility is set for November 4, 2024.
2. The company expects to file its FY25 Q1 Form 10-Q by early November, followed shortly by the Q2 Form 10-Q.
3. An amendment to the pending Form S-1 is anticipated to be filed immediately after the FY25 Q1 Form 10-Q submission.
4. The delay in filing FY25 Q1 is primarily due to over-time revenue recognition issues from the STADCO subsidiary, particularly stemming from legacy contracts. The new CFO, Richard D. Roomberg, is working to resolve these issues.
TechPrecision (Nasdaq: TPCS) ha annunciato date e aggiornamenti chiave:
1. L'Assemblea Annuale degli Azionisti del 2024 si terrà virtualmente il 19 dicembre 2024, alle 10:00 ora orientale. La data di registrazione per l'idoneità al voto degli azionisti è fissata per il 4 novembre 2024.
2. La società prevede di presentare il Modulo 10-Q Q1 dell'FY25 entro i primi di novembre, seguito a breve dal Modulo 10-Q Q2.
3. Un emendamento al Modulo S-1 in sospeso dovrebbe essere presentato immediatamente dopo la sottomissione del Modulo 10-Q Q1 dell'FY25.
4. Il ritardo nella presentazione del Q1 dell'FY25 è principalmente dovuto a problemi di riconoscimento dei ricavi straordinari dalla controllata STADCO, in particolare derivanti da contratti legacy. Il nuovo CFO, Richard D. Roomberg, sta lavorando per risolvere questi problemi.
TechPrecision (Nasdaq: TPCS) ha anunciado fechas y novedades clave:
1. La Junta Anual de Accionistas de 2024 se celebrará virtualmente el 19 de diciembre de 2024 a las 10:00 a.m. hora del Este. La fecha de registro para la elegibilidad de voto de los accionistas se establece para el 4 de noviembre de 2024.
2. La compañía espera presentar su Formulario 10-Q del Q1 del FY25 a principios de noviembre, seguido en breve por el Formulario 10-Q del Q2.
3. Se anticipa que se presente una enmienda al Formulario S-1 pendiente inmediatamente después de la presentación del Formulario 10-Q del Q1 del FY25.
4. El retraso en la presentación del FY25 Q1 se debe principalmente a problemas de reconocimiento de ingresos extraordinarios de la subsidiaria STADCO, especialmente derivados de contratos antiguos. El nuevo CFO, Richard D. Roomberg, está trabajando para resolver estos problemas.
TechPrecision (Nasdaq: TPCS)가 주요 일정과 업데이트를 발표했습니다:
1. 2024 주주 연례 회의는 2024년 12월 19일 오전 10시 동부 시간에 가상으로 개최됩니다. 주주 투표 자격을 위한 기준일은 2024년 11월 4일로 설정됩니다.
2. 회사는 FY25 1분기 Form 10-Q를 11월 초에 제출할 것으로 예상하며, 곧이어 2분기 Form 10-Q가 제출될 예정입니다.
3. FY25 1분기 Form 10-Q 제출 후 즉시 보류 중인 Form S-1에 대한 수정안이 제출될 것으로 예상됩니다.
4. FY25 1분기 제출 지연은 주로 STADCO 자회사의 초과 수익 인식 문제 때문이며, 이는 특히 롤백 계약에서 기인합니다. 새 CFO 리처드 D. 룸버그가 이 문제를 해결하기 위해 노력하고 있습니다.
TechPrecision (Nasdaq: TPCS) a annoncé des dates et des mises à jour clés :
1. La Réunion Annuelle des Actionnaires de 2024 se tiendra virtuellement le 19 décembre 2024 à 10h00 heure de l'Est. La date de référence pour l'éligibilité des votes des actionnaires est fixée au 4 novembre 2024.
2. La société prévoit de soumettre son Formulaire 10-Q du 1er trimestre FY25 début novembre, suivi peu après du Formulaire 10-Q du 2ème trimestre.
3. Un amendement au Formulaire S-1 en attente devrait être soumis immédiatement après la présentation du Formulaire 10-Q du 1er trimestre FY25.
4. Le retard dans le dépôt du FY25 Q1 est principalement dû à des problèmes de reconnaissance de revenus exceptionnels provenant de la filiale STADCO, en particulier en raison de contrats hérités. Le nouveau CFO, Richard D. Roomberg, travaille à la résolution de ces problèmes.
TechPrecision (Nasdaq: TPCS) hat wichtige Termine und Neuigkeiten angekündigt:
1. Die Jahreshauptversammlung der Aktionäre 2024 findet virtuell am 19. Dezember 2024 um 10:00 Uhr Eastern-Zeit statt. Der Stichtag für die Stimmrechtsberechtigung der Aktionäre ist auf den 4. November 2024 festgelegt.
2. Das Unternehmen plant, seinen 10-Q für Q1 FY25 Anfang November einzureichen, gefolgt von dem 10-Q für Q2.
3. Eine Änderung des anhängigen Formulars S-1 wird voraussichtlich direkt nach der Einreichung des 10-Q für Q1 FY25 eingereicht.
4. Die Verzögerung bei der Einreichung des FY25 Q1 ist hauptsächlich auf Überziehungsfragen bei der Umsatzrealisierung der Tochtergesellschaft STADCO zurückzuführen, die insbesondere aus Altkontrakten stammen. Der neue CFO, Richard D. Roomberg, arbeitet daran, diese Probleme zu lösen.
- Appointment of new CFO Richard D. Roomberg to address financial reporting issues
- Scheduled virtual Annual Meeting of Stockholders for December 19, 2024
- Expected filing of FY25 Q1 and Q2 Form 10-Q reports in the near future
- Delay in filing FY25 Q1 Form 10-Q due to revenue recognition issues
- Ongoing challenges with STADCO subsidiary's legacy contracts affecting financial reporting
WESTMINSTER, MA / ACCESSWIRE / October 14, 2024 - Today, TechPrecision Corporation (Nasdaq: TPCS) ("TechPrecision" or "we," "us" or "our") announces the following.
2024 Annual Meeting
The Company will hold its 2024 Annual Meeting of Stockholders on Thursday December 19, 2024, at 10:00 a.m. Eastern. The meeting will be held virtually. The Board of Directors set the meeting date based on time requirements to allow for the mailing and dissemination of its proxy materials following the record date. Based upon SEC requirements for a broker search, the record date has been set by the Board as November 4, 2024, which determines which stockholders are entitled to notice of and to vote at the 2024 Annual Meeting.
FY25 Q1 and Q2 filings.
We expect to have the FY25 Q1 Form 10-Q by early November. and expect to file the Q2 Form 10-Q shortly thereafter. Based on the above timing, we anticipate filing an amendment to the pending Form S-1 to register the resale of shares of our common stock pursuant to previously disclosed registration rights of certain selling stockholders immediately after the FY25 Q1 Form 10-Q.
The delay in filing FY25 Q1 continues to be caused primarily by over-time revenue recognition issues from our STADCO subsidiary. With the appointment of our new CFO Richard D. Roomberg, we continue to work to resolve this. The majority of the issues continue to arise from the STADCO legacy contracts.
About TechPrecision Corporation
Through our wholly owned subsidiaries, Ranor, Inc. and STADCO, we manufacture large-scale, metal fabricated and machined precision components and equipment. These products are used predominantly in the defense, aerospace, and precision industrial markets. Our goal is to be an end-to-end service provider to our customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection, and testing. To learn more about us, please visit our website at www.techprecision.com. Information on our website or any other website does not constitute a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of TechPrecision and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, including statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions, or any other statements relating to TechPrecision's 2024 Annual Meeting, the filing of our proxy statement for the 2024 Annual Meeting, the filing of the FY25 Q1 and Q2 Form 10-Qs, the filing of an amendment to the currently pending Form S-1 and the remediation of the causes of the delays in our financial reporting are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "should," "would" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections made by management about our business, our industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause such outcomes and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue; our ability to balance the composition of our revenues and effectively control operating expenses; external factors that may be outside of our control, including health emergencies, like epidemics or pandemics, the Russia-Ukraine and Israel-Hamas conflicts, price inflation, interest rate increases and supply chain inefficiencies; the availability of appropriate financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; our ability to maintain standards to enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; restrictions in our ability to operate our business due to our outstanding indebtedness; government regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions with our business; our failure to maintain effective internal controls over financial reporting; general industry and market conditions and growth rates; our ability to regain compliance with the continued listing standards of the Nasdaq Capital Market; general economic conditions; and other risks discussed in the our periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.
Company Contact: | Investor Relations Contact: |
Mr. Richard D. Roomberg | Hayden IR |
Chief Financial Officer | Brett Maas |
TechPrecision Corporation | Phone: 646-536-7331 |
Tel: 978-883-5108 | Email: brett@haydenir.com |
Email: RoombergR@ranor.com |
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SOURCE: TechPrecision Corp
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