TechPrecision terminates Votaw acquisition; owes 320k share termination fee

TECHPRECISION CORP

Seller Doerfer terminated the Stock Purchase Agreement on Apr 2, 2024; reinstatement negotiations failed.
Pursuant to SPA, TechPrecision must issue 320,000 shares to Doerfer as termination fee.
Company disclosed cleansing information related to abandoned financing via press release link.
No financial impact beyond share issuance disclosed; cleansing info includes non-GAAP EBITDA.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TECHPRECISION CORP terminated Purchase Agreement with Doerfer Corporation valued at 320,000 shares of the Company’s common stock (effective 2024-04-02).

Action: termination
Agreement: merger
Counterparty: Doerfer Corporation
Value: 320,000 shares of the Company’s common stock
Effective: 2024-04-02

Exact text from the filing

On April 2, 2024, the Seller delivered to the Company written notice of its election to terminate the Purchase Agreement under Section 7.01(f) effective immediately.

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TECHPRECISION CORP filing history →

Source: SEC EDGAR

accession 0001104659-24-044560

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