TPCS - Wynnefield Capital Expresses Concern that TechPrecision is Neglecting its Duties by Failing to Explain Proposed Acquisition of Votaw Precision Technologies to Stockholders | Benzinga
NEW YORK, Dec. 19, 2023 /PRNewswire/ -- Wynnefield Capital and its affiliates, collectively the largest institutional stockholder of TechPrecision Corporation (NASDAQ:TPCS) with a 4.5% beneficial ownership interest, today issued the following public letter to the Company's Board of Directors.
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Wynnefield Capital Concerned TechPrecision is Ignoring its Duty to Stockholders by Failing to Explain Proposed Acquisition of Votaw Precision Technologies.
Dear Board of Directors,
Wynnefield Capital and its affiliates (collectively, "Wynnefield") own 393,857 shares of common stock, or 4.5%, of TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or the "Company") as of September 30, 2023. Wynnefield is TechPrecision's largest institutional stockholder, according to Bloomberg.
Wynnefield acknowledges the Board of Directors recent issuance of Votaw Precision Technologies' ("Votaw") 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.
Since the proposed acquisition on November ...