TechPrecision Receives Notice from Nasdaq Regarding Delayed Quarterly Report

TechPrecision Corporation (NASDAQ:TPCS) recently disclosed that it has received a notice from The Nasdaq Stock Market LLC, indicating non-compliance with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing of its Quarterly Report on Form 10-Q for the fiscal quarter concluding on September 30, 2024. Although this notice does not have immediate repercussions on the listing or trading of the company’s common stock, it mandates a proactive approach towards regaining compliance.

The notification specified that TechPrecision has until January 21, 2025, to develop a plan to address the non-compliance. Nasdaq can also grant an extension of up to 180 calendar days, allowing time until May 19, 2025, for the company to rectify the situation. Consequently, TechPrecision is collaborating closely with its auditors and advisors to file the Form 10-Q promptly to meet the 60-day compliance window, eliminating the need for a formal compliance plan submission.

In a bid to rectify the delayed filing, the company must diligently adhere to the deadlines and regulatory requirements stipulated by Nasdaq. Failure to meet the compliance milestones within the designated period, including any extension granted by Nasdaq, could lead to the delisting of TechPrecision’s common stock. The company, however, retains the option to appeal such a delisting decision to a Nasdaq hearings panel in the event non-compliance persists.

On a parallel note, TechPrecision issued a press release on November 22, 2024, in response to the Notice, outlining the steps being taken to ensure timely regulatory filings. The company addressed financial reporting challenges, attributing the delays to challenges integrating the financial reporting system of STADCO into its overall financial reporting structure, amid ERP system upgrades and process enhancements.

TechPrecision, through its subsidiaries Ranor and Stadco, is actively engaged in transforming materials into precision machined components and fabricated structures, catering primarily to the defense sector. With Ranor holding ISO 9001:2015 certification and Stadco complying with AS 9100 D and ISO 9001:2015 standards, both entities are pivotal players in the defense-centric manufacturing landscape.

While striving to maintain compliance and meet reporting deadlines, TechPrecision continues to implement robust internal controls and financial processes to ensure accurate and timely filings with the SEC. The company remains dedicated to navigating the intricacies of financial reporting challenges to fortify its market presence within the industry.

Please note that the information contained in the announcement is not classified as “filed” for Securities Exchange Act requirements unless expressly mentioned as such by TechPrecision or incorporated into subsequent filings under the Securities Act or Exchange Act.

This article contains forward-looking statements subject to risks and uncertainties, acknowledging the unpredictable nature of future outcomes. Investors are advised to consider all factors when evaluating the company’s future prospects and financial standing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TechPrecision’s 8K filing here.

About TechPrecision

TechPrecision Corporation, together with its subsidiaries, manufactures and sells precision, fabricated, and machined metal structural components and systems in the United States. The company operates through two segments, Ranor and Stadco. It provides custom components for ships, submarines, military helicopters, aerospace equipment, components for nuclear power plants, and components for medical systems.