CPI AEROSTRUCTURES DL-001

CPI Aerostructures received additional orders from Lockheed Martin Aeronautics totaling $9 million to manufacture rudder island drag chute canister assemblies for the F-16 Block 70/72. The orders are under an existing multi-year IDIQ framework contract and will include deliveries through 2028. The announcement pushed CPI stock up about 5.8%. » Mere på de.investing.com

CPI Aerostructures agreed with Western Alliance Bank on two credit facilities totaling $20 million: a $10 million revolving credit line and a $10 million fully funded term loan. The loans carry variable interest (1‑month term SOFR plus a margin, floor 0%; in the event of default +5%) and are secured by a first‑priority lien on substantially all tangible movable assets and guarantees from subsidiaries Welding Metallurgy and Compac Development; the agreement contains customary covenants (including a minimum fixed‑charge coverage ratio of 1.25 and a stepped funded‑leverage ratio). The funds were used to fully repay a prior credit line with BankUnited and for working capital; the company also appointed Robert Mannix as CFO and reported a Raytheon contract initially worth $21.1 million (up to $42.3 million) with deliveries starting in 2027. » Mere på de.investing.com

CPI Aerostructures named Robert Mannix chief financial officer and secretary for the parent company and its subsidiaries Welding Metallurgy and Compac Development. Mannix, 58, brings more than 30 years of accounting and finance experience, most recently serving as executive vice president and chief accounting officer at West Technology Group, with prior roles at Casper Sleep, Verint, Motorola and Ernst & Young. His annual salary is USD 300,000; beginning in 2026 he will be eligible for a cash bonus equal to 40% of base salary and long-term incentives equal to 40% in restricted stock; the agreement includes severance provisions and change‑in‑control protection. Mannix succeeds Pamela Levesque, who had been interim CFO and secretary. » Mere på de.investing.com