MKTY - Mechanical Technology Announces Closing of Partial Exercise of Over-Allotment Option in Preferred Stock Offering
ALBANY, N.Y. - (NewMediaWire) - September 28, 2021 - Mechanical Technology,Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc.("EcoChain"), a cryptocurrency mining business powered by renewableenergy, and MTI Instruments, Inc. ("MTI Instruments"), a test andmeasurement instruments and systems business, today announced that it closed the issuanceand sale of an additional 86,585 shares (the “Option Shares”) of its9.0% Series A Cumulative Perpetual PreferredStock, par value $0.001 per share (“Series A Preferred Stock”), to the underwriters in itspreviously announced public offering of Series A Preferred Stock, pursuant to thepartialexercise of their over-allotment option to purchase up to an additional 108,000shares of Series A Preferred Stock,at a price to the public of $25.00 per share, resulting in additional grossproceeds of approximately $2.16 million, less applicable underwriter discountsand estimated offering expenses.
Theshares of the Series A Preferred Stock began trading on Nasdaq under the symbol“MKTYP” on August 23, 2021.
Univest Securities, LLC acted as the sole book runningmanager for this offering.
The Company expects the initial dividend with respect to theOption Shares, along with the regular monthly dividend on the Series APreferred Stock, will be paid on or about October 31, 2021, including for theperiod from issuance through September 30, 2021, if and when declared by theCompany’s Board of Directors to holders of record of Series A Preferred Stockas of a record date to be determined by the Board of Directors.
The offering was conducted pursuantto the Company's registration statement on Form S-1 (File No. 333-257300), asamended, including by its registration statement on Form S-1MEF filed pursuantto Rule 462(b), previously filed with and subsequently declared effective bythe Securities and Exchange Commission (“SEC”). A final prospectus relating tothe offering has been filed with the SEC and is available on the SEC’s websiteat http://www.sec.gov. Electronic copies of the final prospectus relating tothis offering may be obtained from Univest Securities, LLC, 375 Park Avenue, 15th Floor, NewYork, NY 10152, by phone (212) 343-8888 or e-mail info@univest.us.
This press release shall notconstitute an offer to sell or the solicitation of an offer to buy thesesecurities, nor shall there be any sale of these securities in any state orjurisdiction in which such offer, solicitation or sale would be unlawful priorto registration or qualification under the securities laws of any such state orjurisdiction.
AboutMTI
MTIis the parent company of MTI Instruments, Inc. and EcoChain, Inc. ThroughEcoChain, MTI develops cryptocurrency mining facilities powered by renewableenergy that integrate with the blockchain network. Through MTI Instruments, MTIis engaged in the design, manufacture and sale of test and measurementinstruments and systems that use a comprehensive array of technologies to solvecomplex, real-world applications in numerous industries. Those includemanufacturing, electronics, semiconductor, solar, commercial and militaryaviation, automotive and data storage. For more information about MTI, pleasevisit https://www.mechtech.com.
Forward Looking Statements
Certain statements in this press release constituteforward-looking statements within the meaning of the federal securities laws.Forward-looking statements reflect management’s current expectations, as of thedate of this press release, and are subject to certain risks and uncertaintiesthat could cause actual results to differ materially from future resultsexpressed or implied by such forward-looking statements. Actual results coulddiffer materially from those expressed or implied by such forward-looking statementsas a result of various factors, including, but not limited to: (1) those riskfactors set forth in the Company's Registration Statement on Form S-1 (File No.333-257300), as amended; and (2) other risks and uncertainties that may bedetailed from time to time in MTI’s reports filed with the SEC. Readers arecautioned not to place undue reliance on these forward-looking statements,which speak only as of the date made. Except as required by law, the Companyassumes no obligation to update or revise any forward-looking statements.
Contact Information:
Lisa Brennan
lbrennan@mtiinstruments.com
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
Ksmith@pcgadvisory.com