Shimmick Reaches $97 million Golden Gate Bridge Project Settlement
Shimmick Corporation (SHIM)
Company Research
Source: GlobeNewswire
IRVINE, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM) (“Shimmick” or the “Company”), a leading water infrastructure company, today announced a settlement in its Golden Gate Bridge Project (the “GGB Project” or “project”). The litigation associated with this project was notably the Company’s last major outstanding legal claim that related to its legacy projects. Under the terms of the settlement and through its joint venture with Danny’s Construction Co. LLC, Shimmick/Danny’s Joint Venture (“SDJV”), Shimmick will receive $97 million before the end of 2024 as reimbursement for costs incurred on the GGB Project. In addition, the outstanding scope of work will be reduced by approximately $6.0 million. “We are pleased to resolve this claim in a constructive manner, as this settlement reflects a major step forward in our transformation plan. This resolution enables us to concentrate additional attention and financial resources on advancing our core projects, wh
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Earnings
- 11/12/24 - Beat
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Sec Filings
- 12/4/24 - Form 4
- 12/3/24 - Form 144
- 12/2/24 - Form 4
- SHIM's page on the SEC website