Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  TechPrecision Corporation    TPCS

TECHPRECISION CORPORATION

(TPCS)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

TECHPRECISION CORP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

share with twitter share with LinkedIn share with facebook
05/14/2020 | 05:21pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On May 8, 2020, TechPrecision Corporation (the "Company"), through its wholly owned subsidiary Ranor, Inc. ("Ranor"), issued a promissory note (the "Note") evidencing an unsecured loan in the amount of $1,317,100 made to Ranor under the Paycheck Protection Program (the "PPP"). The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and is administered by the U.S. Small Business Administration (the "SBA"). The loan to Ranor was made through Berkshire Bank.

The Note provides for an interest rate of 1.00% per year and matures two years after the issuance date. Principal and accrued interest are payable monthly in equal installments commencing on the date that is six months after the date funds are first disbursed on the loan and continuing through the maturity date, unless the Note is forgiven as described below. To be available for loan forgiveness, the Note may only be used for payroll costs, costs related to certain group health care benefits and insurance premiums, rent payments, utility payments, mortgage interest payments and interest payments on any other debt obligation that were incurred before February 15, 2020. The Note may be prepaid at any time prior to maturity with no prepayment penalties and contains events of default and other conditions customary for a Note of this type. For example, the Note contains events of default relating to, among other things, payment defaults, making materially false and misleading representations to the SBA or Berkshire Bank, or breaching the terms of the loan documents. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection of all amounts owing from the Company, or the SBA or Berkshire Bank filing suit and obtaining judgment against the Company and/or Ranor.

Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loan granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. The terms of any forgiveness may also be subject to further requirements in any regulations and guidelines the SBA may adopt. While the Company currently believes that its use of the Note proceeds will meet the conditions for forgiveness under the PPP, no assurance is provided that the Company will obtain forgiveness of the Note in whole or in part.

The Company and Ranor have a preexisting relationship with Berkshire Bank under that certain (i) Loan Agreement between Ranor and Berkshire Bank dated December 20, 2016, as amended by the First Modification to Loan Agreement dated June 6, 2018, the Second Modification to Loan Agreement and First Modification and Allonge to Promissory Note dated December 19, 2018 and the Third Modification to Loan Agreement dated December 23, 2019 and (ii) Amended and Restated Promissory Note, dated as of December 23, 2019, made by Ranor and payable to Berkshire Bank, each of which has been previously disclosed.

The description of the Note is qualified in its entirety by reference to the full text of the Note, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

 Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
            Off-Balance Sheet Arrangement of a Registrant.



The information set forth in Item 1.01 hereof is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.





 (d) Exhibits




Exhibt
Number   Description
  10.1     Promissory Note, dated May 8, 2020, made by Ranor, Inc.

© Edgar Online, source Glimpses


share with twitter share with LinkedIn share with facebook
All news about TECHPRECISION CORPORATION
10/20TECHPRECISION CORP : Entry into a Material Definitive Agreement, Unregistered Sa..
AQ
09/15TECHPRECISION CORP : Submission of Matters to a Vote of Security Holders (form 8..
AQ
08/13TECHPRECISION : Management's Discussion and Analysis of Financial Condition and ..
AQ
08/13TECHPRECISION CORP : Results of Operations and Financial Condition, Financial St..
AQ
06/11TECHPRECISION : Management's Discussion and Analysis of Financial Condition and ..
AQ
06/11TECHPRECISION CORP : Results of Operations and Financial Condition, Financial St..
AQ
05/14TECHPRECISION CORP : Entry into a Material Definitive Agreement, Creation of a D..
AQ
02/13TECHPRECISION : Management's Discussion and Analysis of Financial Condition and ..
AQ
02/13TECHPRECISION CORP : Results of Operations and Financial Condition, Financial St..
AQ
01/23TECHPRECISION CORP : Termination of a Material Definitive Agreement (form 8-K)
AQ
More news
Financials (USD)
Sales 2020 16,0 M - -
Net income 2020 -0,34 M - -
Net Debt 2020 1,64 M - -
P/E ratio 2020 -109x
Yield 2020 -
Capitalization 34,1 M 34,1 M -
EV / Sales 2019 1,91x
EV / Sales 2020 2,42x
Nbr of Employees 94
Free-Float 87,4%
Chart TECHPRECISION CORPORATION
Duration : Period :
TechPrecision Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TECHPRECISION CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Managers
NameTitle
Alexander Shen Chief Executive Officer
Richard S. McGowan Non-Executive Chairman
Thomas C. Sammons Chief Financial Officer
Andrew A. Levy Independent Director
Robert A. Crisafulli Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
TECHPRECISION CORPORATION-33.52%34
ATLAS COPCO AB5.17%51 487
FANUC CORPORATION8.46%40 445
PARKER-HANNIFIN CORPORATION1.23%26 769
STANLEY BLACK & DECKER, INC.0.28%26 491
TECHTRONIC INDUSTRIES COMPANY LIMITED62.71%24 431