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    TechPrecision Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits

    5/1/25 4:06:35 PM ET
    $TPCS
    Metal Fabrications
    Industrials
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    false 0001328792 0001328792 2025-04-28 2025-04-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, DC 20549

     

    FORM 8-K

     

    CURRENT REPORT

    Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

     

    Date of Report (Date of earliest event reported): April 28, 2025

     

    TECHPRECISION CORPORATION

    (Exact Name of Registrant as Specified in Charter)

     

    Delaware   001-41698   51-0539828

    (State or Other Jurisdiction

    of Incorporation or Organization)

      (Commission File Number)   (IRS Employer Identification No.)

     

    1 Bella Drive

    Westminster, MA 01473

    (Address of principal executive offices) (Zip Code)

     

    Registrant's telephone number, including area code: (978) 874-0591

     

    Securities registered or to be registered pursuant to Section 12(b) of the Act:

     

    Title of each class Trading Symbol(s) Name of each
    exchange on which registered
    Common Stock, par value $0.0001 per share TPCS Nasdaq Capital Market

     

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     

    ¨

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

       
    ¨

    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

       
    ¨

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

       
    ¨

    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

     

     

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

     

    Emerging growth company ¨

     

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

     

     

     

     

     

    Item 1.01Entry into a Material Definitive Agreement

     

    As previously disclosed, on August 25, 2021, Ranor, Inc. (“Ranor”), a wholly owned subsidiary of TechPrecision Corporation (the “Company”), along with certain affiliates of the Company (together with Ranor, the “Borrowers”), entered into that certain Amended and Restated Loan Agreement (as amended from time to time, the “Amended and Restated Loan Agreement”) with Berkshire Bank under which, among other things, Berkshire Bank provided a revolving line of credit loan to the Borrowers which currently has a maximum principal amount of $4,500,000 (the “Revolver Loan”). Under the Amended and Restated Loan Agreement and related loan documents, as further amended, the Revolver Loan had a maturity date of April 30, 2025. On April 28, 2025, Ranor and the other Borrowers entered into an Eleventh Amendment to Amended and Restated Loan Agreement and Seventh Amendment to Second Amended and Restated Promissory Note (the “Amendment”) with Berkshire Bank.

     

    The Amendment, among other things, extends the maturity date of the Revolver Loan from April 30, 2025 to August 29, 2025.

     

    Other than in respect of the Amended and Restated Loan Agreement, the promissory notes made thereunder, the related security and guaranty documents and the previously disclosed past borrowing relationship, there is no material relationship between Ranor, the Company and the other affiliates of the Company party thereto, on the one hand, and Berkshire Bank, on the other hand. The description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein. 

     

    Item 9.01Financial Statements and Exhibits.

     

      (d)Exhibits

     

    Exhibit
    Number
      Description
    10.1   Eleventh Amendment to Amended and Restated Loan Agreement and Seventh Amendment to Second Amended and Restated Promissory Note, executed on April 28, 2025, by and among Ranor, Inc., Stadco New Acquisition, LLC, Stadco, Westminster Credit Holdings, LLC and Berkshire Bank
    104   Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

     

     

     

     

    SIGNATURES

     

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     

      TECHPRECISION CORPORATION
         
    Date: May 1, 2025 By: /s/ Phillip E. Podgorski
      Name: Phillip E. Podgorski
      Title: Chief Financial Officer

     

     

     

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