MKTY - Mechanical Technology Incorporated Announces Initial Dividend for Series A Preferred Stock
ALBANY, N.Y. - (NewMediaWire) - August 27, 2021 - MechanicalTechnology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“EcoChain”),a cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. (“MTI Instruments”), atest and measurement instruments and systems business, today announced thatits Board of Directors has declared an initial dividend on its shares of 9.0%Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “SeriesA Preferred Stock”). The dividend will be payable on September 30, 2021, toholders of the Series A Preferred Stock of record as of the close of business onSeptember 7, 2021, for the period from August 23, 2021 through September 30,2021. The Company announced the closing of the Series A Preferred Stockoffering, and the issuance of the Series A Preferred Stock, on August 23, 2021(the “Issuance Date”). The initial dividend accumulated from the Issuance Date.Dividendson the Series A Preferred Stock will be payable when, as and if declared by theBoard of Directors monthly in arrears on the final day of each month at anannual rate of 9.0% of the $25.00 liquidation preference per share.
The Series A Preferred Stock begantrading on the Nasdaq Stock Market LLC under the symbol “MKTYP” on August 20,2021.
About MTI
MTI is the parent company of MTIInstruments, Inc. and EcoChain, Inc. Through EcoChain, MTI developscryptocurrency mining facilities powered by renewable energy that integratewith the blockchain network. Through MTI Instruments, MTI is engaged in thedesign, manufacture and sale of test and measurement instruments and systemsthat use a comprehensive array of technologies to solve complex, real-worldapplications in numerous industries. Those include manufacturing, electronics,semiconductor, solar, commercial and military aviation, automotive and datastorage. For more information about MTI, please visit https://www.mechtech.com.
Forward-Looking Statements
The statements in this pressrelease with respect to the payment of dividends on the Series APreferred Stock constituteforward-looking statements within the meaning of the federal securities laws. Forward-lookingstatements reflect management’s current expectations, as of the date of thispress release, and are subject to certain risks and uncertainties that couldcause actual results to differ materially from future results expressed orimplied by such forward-looking statements. Actual results could differmaterially 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
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
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