M&A - TECHPRECISION CORP

Form Type: 10-Q

Filing Date: 2025-04-08

Corporate Action: Acquisition

Type: Update

Accession Number: 000141057825000659

Filing Summary: This 10-Q report from TechPrecision Corporation covers various financial data and operational updates as of December 31, 2024. It presents the condensed consolidated financial statements, including the balance sheet, statement of operations, and cash flow statements. The report highlights a net loss of $799,000 for the third quarter ended December 31, 2024, compared to a net loss of $865,000 for the same period in 2023. The company reported total revenue of $7.62 million, slightly down from $7.65 million in the prior year. TechPrecision's stockholders' equity increased to $8.1 million, with total assets valued at $32.16 million. Furthermore, the report includes a significant noncash transaction related to the termination of an acquisition of Votaw Precision Technologies, Inc., and it notes that the company operates primarily in the defense and industrial markets. TechPrecision is actively managing its financing, with updates on stock issuance and revolving credit facilities. The company asserts that it is committed to fulfilling all reporting requirements under the Securities Exchange Act.

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Form Type: NT 10-Q

Filing Date: 2025-02-14

Corporate Action: Acquisition

Type: Update

Accession Number: 000110465925014157

Filing Summary: TechPrecision Corporation is unable to file its Quarterly Report on Form 10-Q for the period ended December 31, 2024 due to the need for additional time to finalize its financial statements, particularly the results of operations for its Stadco operating segment. The acquisition of Stadco was completed on August 25, 2021, and the company is focused on integrating Stadco's processes and procedures. The delay is described as mechanical from an audit perspective, not stemming from fundamental issues with financial results. TechPrecision is working diligently to complete its financial statements and file the Form 10-Q as soon as possible. Additionally, there may be significant changes in results of operations, but accurate estimates cannot be provided until the financials are completed.

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