Filing Analysis
Shimmick Corporation has filed an 8-K to furnish its second quarter financial results for the period ended July 3, 2026. The filing includes a press release containing earnings data and updates on company backlog and new contract awards.
📋 Key Facts
- Reported date: August 10, 2026
- Reporting period: Second quarter ended July 3, 2026
- The filing includes information regarding 'Backlog' (total dollar value of work on awarded/in-progress contracts) and 'New Awards'.
- Earnings release is furnished as Exhibit 99.1.
Shimmick Corporation reported the results of its 2026 Annual Meeting of Stockholders held on June 2, 2026. The stockholders elected five directors to one-year terms and ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending January 1, 2027.
📋 Key Facts
- Annual Meeting held on June 2, 2026
- Five directors elected: Mitchell B. Goldsteen, Joseph A. Del Guercio, Geoffrey E. Heekin, Peter Kravitz, and Ural Yal
- Deloitte & Touche LLP ratified as independent auditor for FY ending Jan 1, 2027
- Ratification of auditor passed with 25,372,573 votes FOR and 168,195 votes AGAINST
Shimmick Corp entered into an underwriting agreement with Roth Capital Partners for an underwritten public offering of 3,730,000 shares of common stock at $3.50 per share. The underwriter fully exercised its over-allotment option for an additional 559,500 shares, bringing total net proceeds to approximately $14.0 million upon closing on May 26, 2026.
🚩 Red Flags
- Potential equity dilution for existing shareholders from the issuance of 4,289,500 new shares.
📋 Key Facts
- Entered into an Underwriting Agreement with Roth Capital Partners, LLC on May 22, 2026.
- Offered 3,730,000 shares of common stock at a public offering price of $3.50 per share.
- Underwriter fully exercised its option to purchase an additional 559,500 shares.
- Total shares sold in the offering reached 4,289,500 shares.
- Net proceeds to the Company were approximately $14.0 million after underwriting discounts and estimated expenses.
- The offering closed on May 26, 2026, and was conducted under an effective S-3 shelf registration statement.
Shimmick Corp reported its financial results for the first quarter ended April 3, 2026. The announcement included updates on the company's backlog and new contract awards, which are key indicators of future revenue.
📋 Key Facts
- Financial results announced for the first quarter ended April 3, 2026.
- The company furnished a press release as Exhibit 99.1 under Item 2.02.
- Backlog is reported as the total dollar value of work to be performed on contracts awarded and in progress.
- New awards represent the total dollar value of work for contracts executed during the period.
- The filing was signed by Todd W. Yoder, Executive Vice President, CFO, and Treasurer.
Shimmick Corp has appointed Sarah Tacker as its new Executive Vice President and Chief Operating Officer, effective April 28, 2026. Ms. Tacker joins from FlatironDragados with 27 years of industry experience and a compensation package including a $500,000 base salary and significant equity grants.
📋 Key Facts
- Sarah Tacker appointed EVP and COO effective April 28, 2026.
- Compensation includes a $500,000 annual base salary and a target bonus of 50% of base salary.
- Equity incentives include a $150,000 sign-on RSU grant and a $500,000 annual RSU grant.
- Ms. Tacker previously served as Vice President and District Manager at FlatironDragados, leading Northern California operations.
- The appointment includes a standard indemnification agreement for directors and officers.
Steven Richards, a director and former CEO of Shimmick Corp, has announced his retirement from the Board effective at the 2026 annual meeting of stockholders. Following his departure, the company expects to reduce its Board size from six to five members.
📋 Key Facts
- Steven Richards notified the board of his retirement on March 20, 2026.
- Retirement is effective as of the end of his term at the 2026 Annual Meeting.
- Richards served as CEO from March 2020 through December 2024.
- Richards has been with the company for 45 years and led the November 2023 IPO.
- The Board size will be reduced to five members upon his retirement.
Shimmick Corp announced its financial results for the fourth quarter and full fiscal year ended January 2, 2026. The report includes operational metrics such as backlog and new awards to provide insight into future revenue streams.
📋 Key Facts
- Financial results released for Q4 and full fiscal year ended January 2, 2026.
- Backlog defined as the total dollar value of work to be performed on contracts awarded and in progress.
- New awards defined as the total dollar value of work on contracts executed during the period.
- The information was furnished under Item 2.02 and is not deemed 'filed' for Section 18 purposes.
Shimmick Corporation has filed an 8-K to furnish its third quarter financial results for the period ended October 3, 2025. The filing includes a press release containing earnings data and information regarding company backlog and new awards.
📋 Key Facts
- Report date: November 13, 2025
- Reporting period: Third quarter ended October 3, 2025
- The filing includes an Earnings Release as Exhibit 99.1
- Company provided definitions for 'Backlog' and 'New Awards' metrics
Shimmick Corporation has entered into an At-The-Market (ATM) offering agreement with Roth Capital Partners, LLC to sell up to $7.8 million in common stock. This allows the company to raise capital incrementally through various sales of shares under its existing S-3 registration statement.
🚩 Red Flags
- Potential dilution for existing shareholders through the issuance of new common stock.
- ATM offerings are often used by micro-cap companies to bolster cash positions, which can signal immediate liquidity needs.
📋 Key Facts
- Entered into an At The Market Offering Agreement on September 8, 2025.
- Sales Agent: Roth Capital Partners, LLC.
- Aggregate offering amount up to $7,800,000 in common stock.
- Sales will be conducted via 'at the market offerings' under Rule 415.
- The company will pay a cash commission of up to 3% of gross proceeds.
- Reimbursement for legal fees not to exceed $50,000.
Shimmick Corporation has filed an 8-K to furnish its second quarter financial results for the period ended July 4, 2025. The filing includes a press release containing earnings data and updates on company backlog and new contract awards.
📋 Key Facts
- Reported date of event: August 14, 2025
- Reporting period: Second quarter ended July 4, 2025
- The filing includes an earnings release as Exhibit 99.1
- Company provided definitions for 'Backlog' and 'New Awards' metrics
Shimmick Corporation held its 2025 Annual Meeting of Stockholders on June 4, 2025. The meeting resulted in the successful election of six directors and the ratification of Deloitte & Touche LLP as the company's independent auditor.
📋 Key Facts
- Annual Meeting held on June 4, 2025.
- Six director nominees elected to one-year terms expiring at the 2026 Annual Meeting: Mitchell B. Goldsteen, Joseph A. Del Guercio, Geoffrey E. Heekin, Peter Kravitz, Steven E. Richards, and Ural Yal.
- Stockholders ratified the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending January 2, 2026.
- Proposal 1 (Directors) received significant 'FOR' votes ranging from ~22.2M to ~22.3M per nominee.
Shimmick Corporation has issued an 8-K to furnish its earnings press release for the first quarter ended April 4, 2025. The filing includes data regarding company backlog and new contract awards.
📋 Key Facts
- Reported financial results for the first quarter ended April 4, 2025.
- The company provided definitions for 'Backlog' (total dollar value of work on awarded/in-progress contracts) and 'New Awards'.
- Earnings release is furnished as Exhibit 99.1.
Shimmick Corporation announced the appointment of Todd Yoder as Executive Vice President, Chief Financial Officer and Treasurer, effective April 14, 2025. Amanda Mobley will transition from her role as Interim CFO to Chief Accounting Officer.
🚩 Red Flags
- Transition from an 'Interim' CFO suggests a period of leadership vacancy or instability prior to this appointment.
📋 Key Facts
- Todd Yoder appointed as CFO/Treasurer effective April 14, 2025.
- Amanda Mobley stepping down from Interim CFO to become Chief Accounting Officer.
- Mr. Yoder's base salary is $450,000 with a target annual bonus of 90% and a guaranteed minimum of 70%.
- Sign-on package includes a $125,000 cash bonus (subject to 12-month clawback) and $100,000 in RSUs.
- Mr. Yoder brings significant experience from Fluor Corporation and S&B USA.
Shimmick Corporation entered into a $15.0 million loan agreement with an affiliate of Ansley Park Capital LLC on March 31, 2025. The debt is secured by equipment and various intangible assets and carries a high interest rate of 12.50% per annum.
🚩 Red Flags
- High interest rate (12.50%) suggests the company may be viewed as higher risk by private lenders.
- Significant collateralization of core operating assets including equipment, leases, and accounts receivable.
- Default interest rate increases to 14.50% upon default.
📋 Key Facts
- Total borrowing capacity: $15.0 million via two promissory notes.
- Lender: An affiliate of Ansley Park Capital LLC.
- Interest Rate: 12.50% per annum, with a default rate of 14.50%.
- Maturity Date: April 1, 2031 (approx. 6-year term).
- Collateral: Certain equipment, leases, rental contracts, chattel paper, accounts, security deposits, and general intangibles.
- Guaranty: The Company and a wholly-owned subsidiary provided unconditional guarantees for the debt.
Shimmick Corporation filed an 8-K to furnish its quarterly and annual financial results for the period ended January 3, 2025. The filing serves as a formal announcement of the fourth quarter and full fiscal year earnings via press release.
📋 Key Facts
- Reporting period: Fourth quarter and full fiscal year ended January 3, 2025.
- Filing date: March 13, 2025.
- The company is an emerging growth company.
- Financial results were released via press release (Exhibit 99.1).
Shimmick Corporation has received approval to voluntarily transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market. The stock will begin trading on the new tier on November 27, 2024.
🚩 Red Flags
- Downgrade in market tier (Global Market to Capital Market) often indicates a decline in liquidity or market capitalization requirements.
📋 Key Facts
- Voluntary application to transfer listing approved by Nasdaq Listing Qualifications Department.
- Transferring from Nasdaq Global Market to Nasdaq Capital Market.
- Trading under symbol 'SHIM' will continue unchanged.
- Effective date for trading on the Capital Market is November 27, 2024.
Shimmick Corp announced a leadership transition where CEO Steve Richards will retire on December 2, 2024, and be succeeded by Ural Yal. Mr. Richards will serve as Emeritus CEO through the 2025 annual meeting to ensure a smooth transition.
🚩 Red Flags
- Succession risk: While described as a 'smooth transition,' leadership changes in micro-cap companies can introduce operational uncertainty.
📋 Key Facts
- CEO Steve Richards retiring effective December 2, 2024; transitioning to 'Emeritus CEO' role until the 2025 annual meeting.
- Ural Yal appointed as new CEO and Board member, effective December 2, 2024.
- Steve Richards to receive $500,000 annual base salary during transition and pro-rata bonuses for FY2025/2026.
- New CEO Ural Yal's compensation includes an $800,000 base salary and a sign-on RSU grant valued at $400,000.
- The Board size will increase from seven to eight members due to Mr. Yal's appointment.
Shimmick Corporation filed an 8-K to furnish its third quarter financial results for the period ended September 27, 2024. The filing serves as a formal announcement of the earnings release via Exhibit 99.1.
📋 Key Facts
- Reporting period: Third Quarter ended September 27, 2024.
- Filing date: November 12, 2024.
- The company is an emerging growth company.
- Financial results were announced via a press release (Exhibit 99.1).
Shimmick Corporation issued an update regarding the settlement of legal disputes related to the Golden Gate Bridge Project and provided preliminary financial results for the fiscal quarter ended September 27, 2024. The filing also notes progress on a company transformation plan.
🚩 Red Flags
- Settlement of major project disputes (Golden Gate Bridge) often implies significant legal or operational liabilities.
- Preliminary financial results in an 8-K can sometimes signal volatility or unexpected shifts in fiscal performance.
- The mention of a 'transformation plan' frequently indicates a company undergoing restructuring due to financial or operational distress.
📋 Key Facts
- Settlement reached regarding disputes related to the Golden Gate Bridge Project.
- Preliminary financial results provided for the fiscal quarter ended September 27, 2024.
- Update provided on the status of the Company's transformation plan.
- The report was filed on November 4, 2024, covering events as of October 31, 2024.
Shimmick Corporation has amended two existing credit facilities, including a MidCap Revolving Credit Facility. The amendments involve extending maturity dates and adjusting borrowing capacities.
🚩 Red Flags
- Short-term maturity date: The MidCap facility matures in just three months (December 31, 2024), indicating significant near-term refinancing risk.
- Tight liquidity window: The AECOM/BHSI amendment imposes mandatory prepayment triggers if the MidCap funds are not utilized within a very short 5-day window.
📋 Key Facts
- Entered into Amendment No. 5 to the MidCap Revolving Credit Facility on September 25, 2024.
- MidCap facility provides for a $15 million borrowing capacity (currently zero drawn amount).
- Maturity date for the MidCap facility extended to December 31, 2024, with an option for a further 90-day extension.
- Entered into Amendment No. 1 to the AECOM and BHSI Credit Facility on September 25, 2024.
- AECOM/BHSI amendment includes mandatory prepayment conditions if MidCap loans are not utilized within 5 business days.
Shimmick Corporation filed an 8-K to furnish its second quarter financial results for the period ended June 28, 2024. The filing serves as a formal announcement of the earnings press release issued on August 15, 2024.
📋 Key Facts
- Reported date: August 15, 2024
- Reporting period: Second quarter ended June 28, 2024
- The filing includes a press release as Exhibit 99.1 containing financial results.
- Interim CFO Amanda Mobley signed the report.
Shimmick Corporation held its 2024 Annual Meeting of Stockholders on June 5, 2024. The meeting resulted in the election of six directors and one additional director, as well as the ratification of Deloitte & Touche LLP as the company's independent auditor.
📋 Key Facts
- Annual Meeting held on June 5, 2024.
- Six directors elected: Mitchell B. Goldsteen, Steven E. Richards, Carolyn L. Trabuco, Geoffrey E. Heekin, J. Brendan Herron, and Joseph A. Del Guercio.
- Peter Kravitz was elected as an additional director for a one-year term.
- Stockholders ratified the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending January 3, 2025.
Shimmick Corporation held a special meeting of stockholders on June 26, 2024, to vote on the issuance of common stock to AECOM. Stockholders approved the Share Issuance Proposal, which was required for compliance with NASDAQ Listing Rule 5635.
🚩 Red Flags
- The necessity to seek shareholder approval under NASDAQ Rule 5635 suggests a significant issuance of equity that could lead to potential dilution for existing shareholders.
📋 Key Facts
- Special meeting held on June 26, 2024.
- Stockholders approved the 'Share Issuance Proposal' to issue common stock pursuant to a Share Issuance Agreement dated May 20, 2024.
- The issuance is intended to comply with NASDAQ Listing Rule 5635 (typically related to shareholder approval for certain types of equity issuances).
- Vote results: 28,512,572 FOR; 22,665 AGAINST; 15,517 ABSTAIN.
Shimmick Corporation announced the departure of CFO Devin J. Nordhagen, effective June 18, 2024, and the appointment of Amanda Mobley as Interim CFO. The company has entered into a separation agreement with Mr. Nordhagen to facilitate a transition period through April 2025.
🚩 Red Flags
- Sudden departure of the Chief Financial Officer.
- Significant transition period (nearly 10 months) for the outgoing CFO suggests a complex handover or structured exit rather than an immediate replacement plan.
📋 Key Facts
- CFO Devin J. Nordhagen departed effective June 18, 2024; departure is not due to disagreements regarding operations or practices.
- Amanda Mobley (formerly Director of Accounting) appointed as Interim CFO and principal financial/accounting officer.
- Nordhagen will remain as a consultant through April 1, 2025, receiving $350,000 base salary until Sept 30, 2024, then $10,000/month thereafter.
- Nordhagen to receive an outstanding FY2022 bonus of $136,050 and a $25,000 cash severance payment at the end of the transition period.
- Mobley received a retention letter including a $75,000 cash award (due June 2025) and 50,000 RSUs vesting August 10, 2026.
Shimmick Corporation closed the sale of its foundation drilling assets on May 21, 2024, for a total consideration of $17.5 million. The proceeds are primarily intended to reduce debt and cover operational expenses.
🚩 Red Flags
- Divestiture of a business segment may indicate a need for immediate liquidity to service debt or cover operational costs.
- The use of proceeds is heavily weighted toward debt repayment and 'operational expenses', suggesting potential cash flow constraints.
📋 Key Facts
- Closed asset purchase agreement for foundation drilling assets on May 21, 2024.
- Total transaction value: $17.5 million ($15 million cash; $2.5 million promissory note).
- Promissory note installment due by December 27, 2024.
- Planned use of funds: $10 million to repay MidCap Financial Services, LLC Revolving Credit Facility; remainder for transaction costs and operational expenses.
- Company will continue working on existing foundation projects through year-end.
Shimmick Corporation entered into a complex restructuring involving a $60 million revolving credit facility with AECOM and BHSI, the issuance of 7.745 million shares to AECOM (representing ~19.99% equity stake), and a mutual release of litigation claims. The deal includes significant governance changes, including the appointment of an independent director and the creation of a special committee.
🚩 Red Flags
- Significant equity dilution (AECOM receiving ~26% of total shares if additional issuance is approved).
- Major debt restructuring: MidCap facility maturity shortened significantly to Sept 30, 2024.
- Creation of a Special Committee suggests heightened oversight needs or internal governance shifts following litigation/restructuring.
- High interest rate on the new credit facility (Term SOFR + 3.5% with a 1.00% floor).
- The appointment of a director with experience in 'formal bankruptcy proceedings' may indicate the company is navigating distressed circumstances.
📋 Key Facts
- Entered into a $60 million revolving credit facility with AECOM and BHSI; matures May 20, 2029.
- Issued 5,144,622 shares (approx. 19.99% of outstanding common stock) to AECOM on May 20, 2024.
- Subject to stockholder approval for the issuance of an additional 2,600,378 shares to AECOM.
- Established a Special Committee of independent directors to oversee budget, fund use, and asset sales.
- Appointed Peter Kravitz as an independent director and member of the Special Committee; he has extensive restructuring experience.
- Executed a mutual release of claims between Shimmick and AECOM regarding various projects (Golden Gate Bridge, Gerald Desmond Bridge, Chickamauga Lock).
- Amended existing MidCap Credit Facility: maturity moved to Sept 30, 2024; interest rate adjusted to Term SOFR + 5.5%.
Shimmick Corporation filed an 8-K to furnish its quarterly press release announcing financial results for the first quarter ended March 29, 2024.
📋 Key Facts
- The filing is a standard earnings announcement under Item 2.02.
- Reporting period: First quarter ended March 29, 2024.
- Date of report: May 13, 2024.
Shimmick Corporation filed an 8-K to furnish its press release announcing financial results for the fourth quarter and full fiscal year ended December 29, 2023.
📋 Key Facts
- Report date: March 28, 2024
- Reporting period: Fourth quarter and full fiscal year ended December 29, 2023
- The filing is pursuant to Item 2.02 (Results of Operations and Financial Condition)
- Financial results were released via press release attached as Exhibit 99.1