# EDGAR Filing Document

**Accession Number:** 0001328792
**File Stem:** 0001104659-23-024816
**Filing Date:** 2023-2
**Character Count:** 19891
**Document Hash:** 8d540301edd66646d30d67fb0ec1507e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-024816.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001104659-23-024816

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TECHPRECISION CORP
- **CENTRAL INDEX KEY:** 0001328792
- **STANDARD INDUSTRIAL CLASSIFICATION:** FABRICATED STRUCTURAL METAL PRODUCTS [3440]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51378
- **FILM NUMBER:** 23660866

**BUSINESS ADDRESS:**
- **STREET 1:** 1 BELLA DRIVE
- **CITY:** WESTMINSTER
- **STATE:** MA
- **ZIP:** 01473
- **BUSINESS PHONE:** 978-874-0591

**MAIL ADDRESS:**
- **STREET 1:** 1 BELLA DRIVE
- **CITY:** WESTMINSTER
- **STATE:** MA
- **ZIP:** 01473

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Techprecision CORP
- **DATE OF NAME CHANGE:** 20060309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOUNSBERRY HOLDINGS II INC
- **DATE OF NAME CHANGE:** 20050531

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): **February 21, 2023**

**TECHPRECISION CORPORATION**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **000-51378** | **51-0539828** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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**1 Bella Drive**

**Westminster, MA 01473**

(Address of Principal Executive Offices)

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

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:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act. |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act. |
| Pre-commencement communications pursuant to Rule 14d-2b under the Exchange Act. |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. |

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| N/A | N/A | N/A |

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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). ◻

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. ☐

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| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders.** |

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On February 21, 2023, TechPrecision Corporation (the "**Company**") filed a Certificate of Incorporation (the "**Amendment**") with the Secretary of State of the State of Delaware to (i) effect a 1-for-4 reverse stock split (the "**Reverse Stock Split**") of the Company's shares of common stock, $0.0001 par value (the "**Common Stock**"), and (ii) effect a related reduction in the number of the Company's authorized shares of Common Stock from 90,000,000 to 50,000,000 (the "**Authorized Share Reduction**").

As previously disclosed, the Company's stockholders approved the Reverse Stock Split within a range of between 5-for-1 and 2-for-1, such ratio to be determined by the Board of Directors of the Company (the "**Board**"), and the Authorized Share Reduction, each of which the Board also approved. On January 20, 2023, the Board selected the 1-for-4 reverse stock split ratio.

As a result of the Reverse Stock Split, every four (4) shares of the Company's pre-reverse split Common Stock will be combined and reclassified as one (1) share of Common Stock. Proportionate voting rights and other rights of common stockholders will not be affected by the reverse split, other than as a result of the issue of additional shares in lieu of fractional shares. No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise hold a fractional share of Common Stock will receive (in the case of stockholders who hold their shares in certificated form, only upon surrender to the Company's transfer agent of any certificates representing such shares) one (1) additional share of Common Stock.

The Reverse Stock Split will become effective at 11:59 p.m. Eastern Time on February 23, 2023, and the Common Stock will be quoted on the OTCQB Market on a post-split basis at the open of business on February 24, 2023. The Company's post-reverse split Common Stock has a new CUSIP number, 878739 200, but the par value and other terms of the Common Stock were not affected by the Reverse Stock Split.

FINRA notified us that the Corporate Action to effectuate the Reverse Stock Split was processed, to be announced on OTC Markets on February 23, 2023, and made effective on February 24, 2023. Pursuant to such announcement, the trading symbol of the Company shall be listed on OTC Markets as "TPCSD" for a period of 20 business days and after such time shall return to "TPCS."

The Company's transfer agent, Continental Stock Transfer & Trust Company, is acting as exchange agent for the Reverse Stock Split and will send instructions to stockholders of record regarding the surrender of certificates for pre-reverse split Common Stock either (a) in exchange for new certificates representing post-reverse split Common Stock or (b) to convert to book-entry shares representing post-revere split Common Stock.

The foregoing description of the Amendment and the Reverse Stock Split set forth above does not purport to be complete and is qualified in its entirety by reference to the Amendment. A copy of the Amendment is being filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year** |

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The disclosures set forth in Item 3.03 of this Current Report on Form 8-K are incorporated into this Item 5.03 by reference.

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|:---|:---|
| **Item 8.01** | **Other Events** |

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On February 23, 2023, the Company issued a press release announcing the Reverse Stock Split ratio. A copy of such press release is being furnished as Exhibit 99.1 to this report.

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|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits

 

The following exhibit is furnished herewith:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit Number** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[3.1](tm237570d1_ex3-1.htm) | &nbsp;&nbsp;[Certificate of Amendment to the Certificate of Incorporation of TechPrecision Corporation](tm237570d1_ex3-1.htm) |
| &nbsp;&nbsp;[99.1](tm237570d1_ex99-1.htm) | &nbsp;&nbsp;[Press Release, dated February 23, 2023](tm237570d1_ex99-1.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within Inline XBRL document) |

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**SIGNATURES**

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

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| | | |
|:---|:---|:---|
|  | **TECHPRECISION CORPORATION** | **TECHPRECISION CORPORATION** |
| Date: February 23, 2023 |  |  |
|  | By: | /s/ Thomas Sammons |
|  |  | Thomas Sammons |
|  |  | Chief Financial Officer |

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## Exhibit 3.1

**Exhibit 3.1** 

**CERTIFICATE OF AMENDMENT<br> TO THE CERTIFICATE OF INCORPORATION OF<br> TECHPRECISION CORPORATION**

TechPrecision Corporation (the "***Corporation***"), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the "***DGCL***"), does hereby certify:

<u>FIRST</u>. The Certificate of Incorporation of the Corporation is hereby amended by changing Section 5, so that, as amended, the first paragraph of said Section 5 shall be amended and restated as follows:

The total number of shares of capital stock which the Corporation shall have authority to issue is: Sixty Million (60,000,000). These shares shall be divided into two classes with 50,000,000 shares designated as common stock at $.0001 par value (the "***Common Stock***") and 10,000,000 shares designated as preferred stock at $.0001 par value (the "***Preferred Stock***").

<u>SECOND</u>. At 11:59 p.m. on February 23, 2023 (the "***Split Effective Time***"), every four (4) issued and outstanding shares of the Corporation's common stock, par value $.0001 per share, as of the date and time immediately preceding the Split Effective Time (the "***Old Shares***"), shall automatically be reclassified as and converted into one (1) validly issued, fully paid and non-assessable share of common stock of the Corporation (the "***New Shares***") without any further action by the Corporation or the holder thereof, subject to the treatment of fractional share interests as described below (the "***Reverse Stock Split***"). Further, every right, option and warrant to acquire Old Shares outstanding immediately prior to the Split Effective Time shall, as of the Split Effective Time and without any further action, automatically be reclassified into the right to acquire one (1) New Share for every four (4) Old Shares, but otherwise upon the terms of such right, option or warrant (except that the exercise or purchase price of such right, option or warrant shall be proportionately adjusted). No fractional shares shall be issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares of common stock shall receive that number of New Shares based on the conversion ratio of their shares of Old Shares to New Shares set forth above, rounded up to the next whole share of common stock.

<u>THIRD</u>. Each holder of record of a certificate which as of the last trading day preceding the Split Effective Time represents Old Shares (the "***Old Certificates***") shall be entitled to receive upon surrender of such Old Certificates to the Corporation's transfer agent for cancellation, a certificate (the "***New Certificates***") representing the number of whole shares of common stock into and for which the shares formerly represented by such Old Certificates so surrendered are exchangeable. From and after the Split Effective Time, Old Certificates shall represent only the right to receive New Certificates pursuant to the provisions hereof.

<u>FOURTH</u>. That a resolution was duly adopted by unanimous written consent of the directors of the Corporation, pursuant to Section 242 of the General Corporation Law of the State of Delaware, setting forth the above mentioned amendment to the Certificate of Incorporation and declaring said amendment to be advisable.

<u>FIFTH</u>. That this amendment was duly authorized by the holders of a majority of the voting stock of the Corporation entitled to vote at a duly authorized meeting of the stockholders of the Corporation. Said amendment was duly adopted in accordance with the provisions of the General Corporation Law.

IN WITNESS WHEREOF, this Certificate of Amendment of the Certificate of Incorporation has been signed by the Chief Executive Officer of the Corporation this 21<sup>st</sup> day of February, 2023.

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| | |
|:---|:---|
| TECHPRECISION CORPORATION | TECHPRECISION CORPORATION |
| By: | /s/ Alexander Shen |
|  | Alexander Shen, Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| **Company Contact:** | **Investor Relations Contact:** |
| Mr. Thomas Sammons | Hayden IR |
| Chief Financial Officer | Brett Maas |
| TechPrecision Corporation | Phone: 646-536-7331 |
| Phone: 978-883-5109 | Email: brett@haydenir.com |
| Email: sammonst@ranor.com | Website: www.haydenir.com |
| Website: www.techprecision.com |  |

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***FOR IMMEDIATE RELEASE***

**TechPrecision Corporation Announces Reverse Stock Split**

 

**Westminster, MA** – February 23, 2023 – <u>TechPrecision Corporation</u> (OTCQB: TPCS) ("TechPrecision" or "the Company"), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today announced that it will effect a 1-for-4 reverse split of its common stock, which will be effective for trading purposes on the OTCQB Market as of the commencement of trading on February 24, 2023.

The reverse stock split was approved by the Company's stockholders on September 14, 2022 at the Company's regular annual meeting of stockholders, with authorization to determine the final ratio having been granted to the Company's Board of Directors.

Prices for TechPrecision's common stock will be quoted on the OTCQB Markets under the symbol "TPCSD" for the 20 business days following the reverse stock split, after which the symbol will return to "TPCS." The common stock also has a new CUSIP number of 878739 200. After the effectiveness of the reverse stock split, the Company expects that the number of outstanding shares of common stock will be reduced from approximately 34.4 million to approximately 8.6 million, subject to adjustment to give effect to the treatment of any fractional shares that stockholders would have received in the reverse stock split. No fractional shares will be issued in connection with the reverse stock split and stockholders who would otherwise be entitled to a fractional share will receive an additional share of common stock.

The reverse stock split is primarily intended to prepare for the potential listing of the Company's common stock on the Nasdaq Capital Market or another national securities exchange. The Company is simultaneously effecting a reduction in the number of authorized shares of common stock from 90,000,000 to 50,000,000.

TechPrecision's transfer agent, Continental Stock Transfer & Trust Company, which is also acting as the exchange agent for the reverse stock split, will provide instructions to stockholders regarding the process for exchanging physical share certificates. We do not expect that stockholders holding their shares in book-entry form or through a bank, broker or other nominee need to take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or other nominee with any procedural questions. Additional information concerning the reverse stock split can be found in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on August 12, 2022.

**About TechPrecision Corporation**

TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco, manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: defense, aerospace, nuclear, industrial, and medical. TechPrecision's goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.

**Safe Harbor Statement**

*This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, including statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "prospects," "will," "should," "would" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections made by management about our business, our industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause such outcomes and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue; our ability to change the composition of our revenues and effectively control operating expenses; external factors that may be outside our control, including the COVID-19 pandemic, the Russia- Ukraine conflict, price inflation, interest rate increases and supply chain inefficiencies; the impacts of the COVID-19 pandemic and government-imposed lockdowns in response thereto; the availability of appropriate financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; our ability to maintain standards to enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; restrictions in our ability to operate our business due to our outstanding indebtedness; government regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions with our business; our failure to maintain effective internal controls over financial reporting; general industry and market conditions and growth rates; unexpected costs, charges or expenses resulting from the recently completed acquisition of Stadco; and other risks discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.*