Westminster Firm Sheds Shares
Westminster-based precision metal fabricator TechPrecision Corp. has come to an agreement with two of its investors to protect the company's stock from over-dilution.
Under the agreement, the investors, Barron Partners LP and GreenBridge Capital Partners IV LLC agreed to exchange a total of 9.3 million warrants to purchase company common stock for a combined 6.2 million shares of series A preferred stock at prices ranging from $0.44 to $0.65 per share.
Barron will exchange warrants to purchase 3.4 million shares of common stock for 1.3 million shares of preferred stock. GreenBridge will exchange warrants to purchase 5.9 million shares of common stock for 2.3 million shares of preferred stock.
The transaction will reduce the company's share count from 32.1 million shares to 27.5 million shares, boosting its overall value and simplifying its capital structure, the company said.
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