TechPrecision Corporation Receives Expected Notification From Nasdaq Related to Delayed Annual Report

Rhea-AI Summary

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.

Positive

• No immediate effect on TPCS's listing or trading on Nasdaq Capital Market
• Company has 60 days to submit a compliance plan
• Potential for up to 180-day extension to regain compliance

Negative

• Failure to timely file Annual Report on Form 10-K
• Non-compliance with Nasdaq Listing Rule 5250(c)(1)
• Risk of potential delisting if compliance is not regained

WESTMINSTER, MA / ACCESSWIRE / July 22, 2024 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or "the Company"), today announced it received a standard notice (the "Notice") on July 18, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the "Form 10-K") with the Securities and Exchange Commission (the "SEC") on or before July 16, 2024, the extended period provided for the filing under Rule 12b-25(b) of the Securities Exchange Act of 1934, as amended. The Notice indicated that the Company has 60 calendar days, or until September 16, 2024, to submit a plan to regain compliance and that Nasdaq can grant an exception of up to 180 calendar days from the Form 10-K due date, or until January 13, 2025, to regain compliance. The Notice from Nasdaq has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.

For additional information regarding the Nasdaq notifications and related terms, please see the Current Report on Form 8-K the Company filed with the SEC today, which is available at sec.gov.

About TechPrecision Corporation

TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco, manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: defense, aerospace, nuclear, medical, and precision industrial. TechPrecision's goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's 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 the Company 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 our future activities or other future events or conditions are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "prospects," "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 our control, including health emergencies, like epidemics or pandemics, the conflicts in Eastern Europe and the Middle East, 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; and other risks discussed in the Company's 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:
Ms. Barbara Lilley
Chief Financial Officer
TechPrecision Corporation
Tel: 978-883-5102
Email: lilleyb@ranor.com
www.techprecision.com

Investor Relations Contact:
Hayden IR
Brett Maas
Phone:646-536-7331
Email: brett@haydenir.com

SOURCE: TechPrecision Corporation

View the original press release on accesswire.com

FAQ

Why did TechPrecision (TPCS) receive a notification from Nasdaq on July 18, 2024?

TechPrecision received a notification from Nasdaq due to non-compliance with Listing Rule 5250(c)(1) for failing to timely file its Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

What is the deadline for TechPrecision (TPCS) to submit a compliance plan to Nasdaq?

TechPrecision has until September 16, 2024, to submit a plan to regain compliance with Nasdaq listing rules.

How long does TechPrecision (TPCS) have to regain compliance with Nasdaq listing rules?

Nasdaq can grant TechPrecision an exception of up to 180 calendar days from the Form 10-K due date, or until January 13, 2025, to regain compliance.

Does the Nasdaq notification affect TechPrecision 's (TPCS) current listing status?

No, the Nasdaq notification has no immediate effect on the listing or trading of TechPrecision 's common stock on the Nasdaq Capital Market.