Shimmick Corp: enters $14,300,000 loan with Sixty-First Commercial Finance

What happened

• Shimmick Corporation filed an 8-K reporting that on Oct 2, 2026 the Company, through its wholly-owned subsidiary Shimmick Construction Company, Inc., entered into a Loan and Security Agreement with Sixty-First Commercial Finance, LLC providing a borrowing capacity of $14,300,000 evidenced by a promissory note maturing Oct 2, 2031 and accruing interest at 9.31% per annum.
• The filing reports that, upon the occurrence of any Default (as defined in the Loan Agreement), the Lender may charge interest at a default rate equal to the lesser of 15.0% per annum and the maximum rate allowable under applicable law and may declare the debt immediately due and payable subject to cure periods. The Borrower granted a security interest in specified equipment, related software and intellectual property, deposits, chattel paper and contract rights, insurance and warranty rights, replacements and proceeds, and related books and records. The Company and a wholly-owned subsidiary each entered into guaranty agreements in favor of the Lender.

Key details

• Borrowing capacity: $14,300,000; maturity date: Oct 2, 2031; interest rate: 9.31% per annum.
• Default interest: lesser of 15.0% per annum and the maximum lawful rate; lender may accelerate upon default subject to cure periods.
• Collateral includes equipment (and replacements), embedded and other software and intellectual property related to the equipment, deposits with the lender, chattel paper and contract rights, insurance/indemnity/warranty rights, substitutions/replacements, books and records, and proceeds.
• On Oct 2, 2026 the Company fully repaid and terminated its prior Loan and Security Agreement with Ansley Park Capital LLC dated Mar 12, 2025, and entered into amendments to existing revolving credit agreements to replace references to the previous loan with the new Loan Agreement.

Why it may matter

• Item reported: Item 1.01 (entry into a material definitive agreement), Item 1.02 (termination of a material definitive agreement), and Item 2.03 (creation of a direct financial obligation). These items cover the new loan and promissory note, the guaranty agreements, the security interests granted as collateral, the termination of the prior loan, and related amendments to existing credit agreements.
• The filing does not show why the company acted.