TechPrecision Announces Termination Of Agreement To Acquire Votaw Precision Technologies
Portfolio Pulse from Benzinga Newsdesk
TechPrecision Corporation (NASDAQ:TPCS) announced the termination of its agreement to acquire Votaw Precision Technologies from Doerfer Corporation, initially set on November 22, 2023. The termination occurred on April 2, 2024, after both parties failed to agree on terms for reinstatement and extension of the agreement. As a result, Doerfer expects TechPrecision to issue 320,000 shares to them as a termination fee. TechPrecision is currently reviewing the situation.
April 08, 2024 | 12:39 pm
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TechPrecision's termination of the acquisition agreement with Doerfer for Votaw Precision Technologies may impact investor sentiment and the company's stock price, especially with the potential issuance of 320,000 shares as a termination fee.
The termination of the acquisition agreement and the potential issuance of 320,000 shares as a termination fee could dilute existing shares and negatively impact investor sentiment towards TechPrecision. This situation may lead to a short-term decrease in stock price due to the perceived negative outcome of the failed acquisition and the implications of share dilution.
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