TechPrecision announces termination of agreement to acquire Votaw

TechPrecision Corporation announced the termination of the Stock Purchase Agreement dated November 22, 2023, between TechPrecision and Doerfer Corporation to acquire Votaw Precision Technologies. On Tuesday April 2, 2024, Doerfer simultaneously notified us that it was terminating the SPA effective immediately and by separate term sheet offered to reinstate the SPA and extend the outside closing date in exchange for material concessions from the Company. After several days of negotiating the terms of the proposed reinstatement and extension, the Company and Doerfer failed to reach agreement and the SPA remains terminated. Pursuant to Section 7.02(a), Doerfer is expecting the Company to issue 320,000 shares of TechPrecision to Doerfer. The Company is presently reviewing the situation. As part of the now terminated acquisition financing, we engaged in confidential discussions with potential investors under Non-Disclosure Agreements pursuant to which we agreed, limited to the extent necessary, to publicly disclose certain information including certain material non-public information. We are now making the Cleansing Information to the public available as part of this press release. This Cleansing Information was based solely on certain information made available to the Company as of the date of the Cleansing Information and was not prepared with a view toward public disclosure. The Cleansing Information has not been updated since it was produced and neither we nor any third party has made or makes any representation to any person regarding the accuracy of any Cleansing Information or undertakes any obligation to publicly update the Cleansing Information to reflect circumstances existing after the date when the Cleansing Information was prepared or conveyed or to reflect the occurrence of future events. All who read these documents should understand that circumstances and situations may, if they have not already changed, could and will likely change in the future and to take that into account. The Cleansing Information should not be relied upon by any party for any reason.