Shimmick closes $17.5M sale of foundation drilling assets; repays $10M credit facility

Shimmick Corp

Total consideration $17.5M: $15M cash plus $2.5M promissory note due Dec 27, 2024.
$10M of proceeds used to repay MidCap Financial revolving credit facility; remainder for costs and operations.
Company will continue working on certain existing foundation projects expected to complete by year-end.
Sale closed on May 21, 2024.

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