ADDED
We have two wholly owned subsidiaries that are each a reportable segment Ranor and Stadco.
Pursuant to Section 7.01(f) of the Purchase Agreement, since the Closing (as defined in the Purchase Agreement) did not occur by the Outside Date, March 31, 2024, either the Company or the Seller had the right to terminate the Purchase Agreement, subject to the party terminating having complied with the other required closing conditions.
On May 2, 2024, the Company filed a registration statement on Form S-1, related to the offer and resale by the Seller of up to 320,000 shares of our common stock that were issued to the Seller as the Stock Termination Fee.
The registration statement was declared effective by the U.S.
Ranor, together with its predecessors, has been in continuous operation since 1956.
General TechPrecision, through our wholly owned subsidiaries, is a manufacturer of large-scale metal fabricated and machined precision components and equipment.
These components are used primarily in the defense and aerospace industries, and secondarily in the precision industrial markets.
Our work complies with specific military specifications and standards as well as national and international codes and standards required by our customers.
The manufacturing operations of our Ranor subsidiary are situated on approximately 65 acres in Westminster, Massachusetts.
All manufacturing at Ranor is performed in accordance with customer requirements.
REMOVED
The finished products are used in a variety of markets including defense, aerospace, nuclear, medical, and precision industrial.
We have two wholly owned subsidiaries that are each reportable segments: Ranor and Stadco.
Pursuant to Section 7.01(f) of the Purchase Agreement, in the event that the Closing (as defined in the Purchase Agreement) had not occurred by the Outside Date (as defined in the Purchase Agreement) either the Company or the Seller had the right to terminate the Purchase Agreement, subject to the party terminating having complied with the other required closing conditions.
The Purchase Agreement includes a provision that the Stock Termination Fee is increased by 48,000 additional shares of the Company s common stock under certain circumstances, including if the Company fails to use commercially reasonable efforts to cause a registration statement to effect the resale of the shares composing the Stock Termination Fee to become effective as soon as practicable.
On May 2, 2024, the Company filed a registration statement on Form S-1, related to the offer and resale by the Seller of up to 320,000 shares of our common stock that were issued to the Seller as the Stock Termination Fee, which cannot be declared effective by the Securities and Exchange Commission until we have filed all of the required financial statements, including our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024.
See Note 17, Subsequent Events , to our consolidated financial statements included in Item 8 and Item 1A, Risk Factors , for additional information on the Stock Termination Fee.
On August 25, 2021, the Company completed its acquisition of Stadco, a company in the business of manufacturing high-precision parts, assemblies and tooling for aerospace, defense, research and commercial customers, pursuant to that certain stock purchase agreement with Stadco New Acquisition, LLC, Stadco Acquisition, LLC, Stadco and each equity holder of Stadco Acquisition, LLC.
General The manufacturing operations of our Ranor subsidiary are situated on approximately 65 acres in North Central Massachusetts.
Our 145,000 square foot facility houses state-of-the-art equipment which gives us the capability to manufacture products as large as 100 tons.
Our manufacturing capabilities include fabrication operations (cutting, press and roll forming, assembly, welding, heat treating, blasting and painting) and machining operations including CNC (computer numerical controlled) horizontal and vertical milling centers.