Sypris Solutions , Inc. (NASDAQ:SYPR), a $51.7 million market cap company specializing in industrial instruments for measurement, display, and control, has amended and restated a promissory note with Gill Family Capital Management, Inc., as reported today.
The company's stock has shown strong momentum, gaining over 26% year-to-date. According to InvestingPro analysis, SYPR currently appears to be trading near its Fair Value. The amendment extends the maturity date and payment schedule of the company's obligations.
According to the filing with the Securities and Exchange Commission (SEC), the amendment to the promissory note, originally dated February 7, 2024, was executed on January 20, 2025. The company's President and CEO, Jeffrey T. Gill, and Director, R. Scott Gill, control the entity to which the note is payable.
The amended promissory note, now referred to as the 2025 Promissory Note, pushes the maturity date out by one year, with $2 million due on April 1, 2026, another $2 million on April 1, 2027, and the remaining balance of $5 million due on April 1, 2028.
All other terms of the original 2024 Promissory Note remain unchanged. The extension provides Sypris Solutions with additional time to meet its financial obligations to Gill Family Capital Management.
The 2025 Promissory Note has been included as Exhibit 10.1 in the 8-K filing, which serves as the official record of this corporate financial arrangement. This transaction creates a direct financial obligation for Sypris Solutions, which currently operates with a moderate debt level, maintaining a total debt-to-capital ratio of 0.26 and a current ratio of 1.26.
This transaction creates a direct financial obligation for Sypris Solutions and is disclosed in compliance with SEC regulations. InvestingPro subscribers can access 8 additional key financial metrics and tips about SYPR's debt management and financial health.
The announcement of this financial maneuver comes without further commentary from the company regarding the reasons for the extension or its implications for the company's financial strategy. The information is based on a press release statement and is intended to offer a factual report of the company's SEC filing without speculation or promotional commentary.
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