Wynnefield Capital says TechPrecision ‘neglecting its duties’

Wynnefield Capital and its affiliates, which own 393,857 shares of common stock, or 4.5%, of TechPrecision Corporation as of September 30, note that Wynnefield is TechPrecision’s largest institutional stockholder, according to Bloomberg. Wynnefield acknowledges the board of directors recent issuance of Votaw Precision Technologies’ select, unaudited quarterly financials for the fiscal year ending October 31, 2023. “However, that data alone will not placate existing TechPrecision stockholder interests in divulging critical information about the Votaw transaction. The Board of Directors’ unwillingness to disclose funding structure for its proposed Votaw transaction continues to amplify a serious lack of transparency. Wynnefield is alarmed by this Board of Directors’ disregard for its duties to ALL stockholders and its contribution to stockholder value destruction… The Board of Directors’ decision to remain silent has created tremendous uncertainty for existing stockholders, resulting in the continuing destruction of stockholder value. Wynnefield is concerned that the Board of Directors is purposely keeping stockholders in the dark because of what they already know,” Wynnefield stated in a press release.