UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01 Other Events.
On May 21, 2024, Shimmick Corporation (the “Company”) closed the previously announced asset purchase agreement for the sale of its foundation drilling assets for a total consideration of $17.5 million, consisting of $15 million in cash and a $2.5 million promissory note with the final installment payment due by December 27, 2024. The Company will use $10 million of the proceeds to repay borrowings under the existing Revolving Credit Facility with MidCap Financial Services, LLC and the remaining cash consideration will be used to pay transaction costs and other operational expenses.
The Company will continue working on certain existing foundation projects, which are largely expected to be completed by the end of the year.
Item 9.01 Financial Statements and Exhibits.
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: May 23, 2024 |
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/s/ Devin J. Nordhagen |
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Devin J. Nordhagen |
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Executive Vice President, Chief Financial Officer and Treasurer |
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