TechPrecision Announces Termination Of Agreement To Acquire Votaw Precision Technologies

Discloses Cleansing Information Provided in Connection with Abandoned Votaw Acquisition Financing

WESTMINSTER, MA / ACCESSWIRE / April 8, 2024 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or the "Company," "we," "us" or "our") today announced the termination of the Stock Purchase Agreement ("SPA") dated November 22, 2023, between TechPrecision and Doerfer Corporation ("Doerfer") to acquire Votaw Precision Technologies, Inc. ("Votaw").

Termination of SPA

On Tuesday April 2, 2024, Doerfer simultaneously notified us that it was terminating the SPA effective immediately and by separate term sheet offered to reinstate the SPA and extend the outside closing date in exchange for material concessions from the Company. After several days of negotiating the terms of the proposed reinstatement and extension, the Company and Doerfer failed to reach agreement and the SPA remains terminated.

Pursuant to Section 7.02(a) ("Termination Fee"), Doerfer is expecting the Company to issue 320,000 shares of TechPrecision to Doerfer. The Company is presently reviewing the situation.