ITEM 8.01 Other Events

On February 9, 2023, Espey Mfg. & Electronics Corp. issued a press release announcing that the Company has been awarded $7.4 million in funding in support of facility and capital equipment upgrades for testing and qualification for the United States Navy. The funding is part of the Navy's investment to improve and sustain the Surface Combatant Industrial Base. The work will be conducted on Espey's property in Saratoga Springs, NY, with completion slated for 2024. The Company expects to be paid within 30 days after the submission of invoices, but will not be paid for expenses incurred in excess of the specified milestone payment limits. The Company expects to have a cash outlay to satisfy income tax obligations arising from the value of the award.

ITEM 9.01 Financial Statements, Pro Forma Financial Information and Exhibits

(c) Exhibits

Exhibit No. Document

99.1 Press Release dated February 9, 2023

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