Business
TechPrecision Corporation Announces Reverse Stock Split
WESTMINSTER, MA / ACCESSWIRE / February 23, 2023 / TechPrecision Corporation (OTCQB:TPCS) ("TechPrecision" or "the Company"), an industry-leading manufacturer
About this update from Techprecision Corporation
[{"type":"text","content":"WESTMINSTER, MA / ACCESSWIRE / February 23, 2023 / TechPrecision Corporation (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 encour...