TPCS - TechPrecision to buy STADCO in all-stock deal

TechPrecision ([[TPCS]] +10.5%) has agreed to acquire STADCO, a privately-held company, in exchange of 1M TechPrecision shares.The companies are also working, through negotiation with STADCO's creditors, to substantially reduce the approximately $14M of STADCO liabilities that would otherwise be added to the consolidated balance of the combined company after closing.With STADCO 2019 annual revenue of $16.4M and a current backlog of ~$17.1M, the addition of STADCO will, upon closing, immediately double the size of the Company by revenue and provide an established defense and aerospace presence for TechPrecision.The deal is expected to close by December 1.

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TechPrecision to buy STADCO in all-stock deal