WYNNEFIELD GROUP SENDS DEFINITIVE PROXY MATERIALS TO TECHPRECISION STOCKHOLDERS, INCLUDING A BLUE PROXY CARD AND A LETTER SEEKING TO HOLD MEMBERS OF THE BOARD ACCOUNTABLE FOR YEARS OF POOR OPERATING RESULTS, POOR PERFORMANCE AND A SERIES OF COSTLY STRATEGIC MISSTEPS
The Wynnefield Group, TechPrecision's (NASDAQ: TPCS) largest shareholder with approximately 7% ownership, has filed definitive proxy materials urging stockholders to vote using BLUE proxy cards to elect two new director nominees. The action comes after TechPrecision's failure to comply with Nasdaq listing rules due to late SEC filings and the company's disclosure of substantial doubt about its ability to continue as a going concern. The group seeks to elect General Victor Eugene Renuart, Jr. and Robert Straus to the board, citing years of poor operating results and strategic missteps by current management.
Il Wynnefield Group, il maggiore azionista di TechPrecision (NASDAQ: TPCS) con circa il 7% di proprietà, ha presentato materiali di delega definitivi esortando gli azionisti a votare utilizzando le schede di delega AZZURRA per eleggere due nuovi candidati alla direzione. Questa azione è stata intrapresa dopo il mancato rispetto da parte di TechPrecision delle norme di quotazione del Nasdaq a causa di ritardi nelle comunicazioni alla SEC e della divulgazione da parte dell'azienda di dubbi significativi sulla sua capacità di continuare come entità operante. Il gruppo intende eleggere il Generale Victor Eugene Renuart, Jr. e Robert Straus nel consiglio di amministrazione, citando anni di risultati operativi deludenti e errori strategici da parte della attuale gestione.
El Wynnefield Group, el mayor accionista de TechPrecision (NASDAQ: TPCS) con aproximadamente el 7% de propiedad, ha presentado materiales de poder definitivos instando a los accionistas a votar utilizando tarjetas de poder AZUL para elegir a dos nuevos candidatos a directores. Esta acción se produce tras el incumplimiento de TechPrecision con las normas de cotización del Nasdaq debido a la demora en las presentaciones ante la SEC y la divulgación por parte de la empresa de dudas sustanciales sobre su capacidad para continuar como negocio en marcha. El grupo busca elegir al General Victor Eugene Renuart, Jr. y Robert Straus para el consejo, citando años de malos resultados operativos y errores estratégicos por parte de la administración actual.
윈필드 그룹은 TechPrecision(NASDAQ: TPCS)의 최대 주주로 약 7%의 지분을 보유하고 있으며, 주주들에게 파란색 위임장을 사용하여 두 명의 새로운 이사 후보를 선출하라고 촉구하는 최종 위임 자료를 제출했습니다. 이 조치는 TechPrecision이 SEC 제출 지연으로 인해 Nasdaq 상장 규정을 준수하지 못하고 회사가 계속 사업을 운영할 수 있을지에 대한 상당한 의구심을 공개한 후 이루어졌습니다. 이 그룹은 현재 경영진의 많은 운영 부진과 전략적 실수를 언급하며 장군 빅터 유진 르뉘아르 주니어와 로버트 스트라우스를 이사회에 선출할 것을 추구하고 있습니다.
Le Wynnefield Group, le plus grand actionnaire de TechPrecision (NASDAQ: TPCS) avec environ 7 % de parts, a déposé des documents de procuration définitifs exhortant les actionnaires à voter en utilisant des cartes de procuration BLEUES pour élire deux nouveaux candidats au conseil d'administration. Cette action intervient après que TechPrecision n'a pas respecté les règles de cotation du Nasdaq en raison de dépôts tardifs auprès de la SEC et de la divulgation par l'entreprise de doutes substantiels sur sa capacité à continuer ses activités. Le groupe cherche à élire le Général Victor Eugene Renuart, Jr. et Robert Straus au conseil d'administration, citant des années de résultats opérationnels médiocres et des erreurs stratégiques de la direction actuelle.
Die Wynnefield Group, der größte Aktionär von TechPrecision (NASDAQ: TPCS) mit einem Anteil von etwa 7%, hat endgültige Stimmunterlagen eingereicht, in denen die Aktionäre aufgefordert werden, mit blauen Stimmkarten für die Wahl von zwei neuen Direktor-Kandidaten zu stimmen. Diese Maßnahme erfolgt nachdem TechPrecision aufgrund verspäteter SEC-Einreichungen gegen die Nasdaq-Listing-Regeln verstoßen hat und das Unternehmen erhebliche Zweifel an seiner Fähigkeit zur Fortführung als fortlaufendes Unternehmen geäußert hat. Die Gruppe strebt die Wahl von General Victor Eugene Renuart, Jr. und Robert Straus in den Vorstand an und verweist dabei auf jahrelange schlechte Betriebsergebnisse und strategische Fehltritte des aktuellen Managements.
- None.
- Company failed to comply with Nasdaq listing rules due to late SEC filing
- Management disclosed substantial doubt about company's ability to continue as going concern
- History of consistently missing SEC filing deadlines
- Poor operating results and performance cited by major shareholder
- Risk of potential Nasdaq delisting due to compliance issues
Insights
This proxy battle represents a significant challenge to TechPrecision's current leadership, with several concerning developments: Wynnefield Group's 7% ownership stake gives substantial weight to their critique. The company's failure to file timely SEC reports and the recent Nasdaq compliance issues point to serious operational deficiencies. Most alarming is the going concern warning, which signals fundamental financial instability.
The activist campaign's timing aligns with a pattern of management missteps and poor performance. Wynnefield's push for board changes through their nominees - a retired general and an experienced investor - suggests a strategic attempt to overhaul corporate governance. The delayed 10-Q filing and ongoing operational challenges make this proxy contest particularly critical for shareholders seeking accountability and improved performance.
The going concern warning combined with missed SEC filings presents severe risks to shareholders. These issues typically indicate deeper financial and operational problems that could lead to:
- Potential delisting from Nasdaq if compliance isn't restored
- Increased borrowing costs due to creditor concerns
- access to capital markets
Wynnefield Group also Releases Detailed Investor Presentation that Has Been Posted to www.RebuildTPCSCredibility.com
Urges ALL TechPrecision Stockholders to Take Immediate Action by Voting Each and Every BLUE Proxy Card and BLUE Voting Instruction Form You Will Receive
The Wynnefield Group also released a detailed investor presentation highlighting the many reasons why the TechPrecision Board should be held accountable and why the election of both of the Wynnefield Group's highly qualified and exceptional director nominees is so important for TechPrecision stockholders.
Following the Company's Friday afternoon disclosure of its failure to comply with a critical Nasdaq Listing Rule due to the late filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, the Wynnefield Group is raising serious concerns. TechPrecision has consistently missed SEC filing deadlines for years, signaling a systemic issue that continues to jeopardize stockholders. Adding to this troubling pattern, the Company has disclosed substantial doubt about its ability to continue as a going concern—a warning that demands immediate action and accountability. For these reasons and the reasons outlined in our proxy statement, our letter to stockholders and our investor presentation, TechPrecision stockholders should vote the BLUE proxy card or BLUE voting instruction form to elect our two highly-qualified and exceptional Director nominees, General Victor Eugene "Gene" Renuart, Jr. and Mr. Robert Straus.
Note to the many stockholders who own TechPrecision shares in more than one account, please vote each and every BLUE voting form sent to you to ensure all of your shares are voted.
If you have any questions or need assistance voting your shares, please contact Saratoga Proxy Consulting LLC at (212) 257-1311 or (888) 368-0379 or info@saratogaproxy.com.
Remember you can sign up for updates at www.RebuildTPCSCredibility.com.
View original content:SOURCE Wynnefield Capital
FAQ
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