Shimmick (SHIM) Issues Going Concern Warning if Unable to Secure Financing

Shimmick Corporation (NASDAQ: SHIM) is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q (“Form 10-Q”) for the period ended March 29, 2024 (“Q1 2024”) within the prescribed timeframe as a result of ongoing negotiations with the lender under the Company’s Revolving Credit Facility Agreement (“Revolving Credit Facility”). Specifically, as result of the Company’s Q1 2024 financial results, the Company is no longer in compliance with the leverage covenant set forth in the Revolving Credit Facility (the “Default”). As a result of the Default, the lender has the right to declare all amounts outstanding immediately due and payable and terminate all commitments to extend further credit under the Revolving Credit Facility. As of March 29, 2024, there was approximately $32 million outstanding under the Revolving Credit Facility. To date, the lender has not exercised its right to accelerate repayment of the outstanding borrowings, and the Company is in the process of negotiating a waiver and amendment with the lender as well as pursuing alternative financing arrangements with other potential lenders. If the Company is unable to obtain a waiver or new financing arrangement or the lender exercises its right to accelerate repayment, it may impact the Company’s ability to continue as a going concern. In addition, if the lender exercises its right to accelerate repayment and the Company is unable to repay those amounts, the Company could be forced to

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