TechPrecision subsidiary extends revolver to Aug 2024, cuts line to $4.5M, acknowledges defaults

TECHPRECISION CORP

Revolver maturity extended to Aug 30, 2024; maximum principal reduced from $5M to $4.5M.
Interest rate margin on revolver increases to 2.50% per annum effective June 1, 2024 (from 2.25%).
Borrowers acknowledge existing defaults on Debt Service Coverage Ratio for periods ended Sep 30, 2023 and Dec 31, 2023.
Borrowers must obtain an operational assessment from a third-party consultant by July 31, 2024.

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