Mechanical Technology Announces Closing of Partial Exercise of Over-Allotment Option in Preferred Stock Offering
September 28 2021 - 4:00PM
via NewMediaWire -- Mechanical Technology, 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"), a
test and measurement instruments and systems business, today
announced that it closed the issuance and sale of an additional
86,585 shares (the “Option Shares”) of its 9.0% Series A Cumulative
Perpetual Preferred Stock, par value $0.001 per share (“Series A
Preferred Stock”), to the underwriters in its previously announced
public offering of Series A Preferred Stock, pursuant to the
partial exercise of their over-allotment option to purchase up to
an additional 108,000 shares of Series A Preferred Stock, at a
price to the public of $25.00 per share, resulting in additional
gross proceeds of approximately $2.16 million, less applicable
underwriter discounts and estimated offering expenses.
The shares 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
running manager for this offering.
The Company expects the initial dividend with
respect to the Option Shares, along with the regular monthly
dividend on the Series A Preferred Stock, will be paid on or about
October 31, 2021, including for the period from issuance through
September 30, 2021, if and when declared by the Company’s Board of
Directors to holders of record of Series A Preferred Stock as of a
record date to be determined by the Board of Directors.
The offering was conducted pursuant to the
Company's registration statement on Form S-1 (File No. 333-257300),
as amended, including by its registration statement on Form S-1MEF
filed pursuant to Rule 462(b), previously filed with and
subsequently declared effective by the Securities and Exchange
Commission (“SEC”). A final prospectus relating to the offering has
been filed with the SEC and is available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering may be obtained from Univest Securities,
LLC, 375 Park Avenue, 15th Floor, New York, NY 10152, by phone
(212) 343-8888 or e-mail info@univest.us.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About MTI
MTI is the parent company of MTI Instruments,
Inc. and EcoChain, Inc. Through EcoChain, MTI develops
cryptocurrency mining facilities powered by renewable energy that
integrate with the blockchain network. Through MTI Instruments, MTI
is engaged in the design, manufacture and sale of test and
measurement instruments and systems that use a comprehensive array
of technologies to solve complex, real-world applications in
numerous industries. Those include manufacturing, electronics,
semiconductor, solar, commercial and military aviation, automotive
and data storage. For more information about MTI, please
visit https://www.mechtech.com.
Forward Looking Statements
Certain statements in this press release
constitute forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements reflect
management’s current expectations, as of the date of this press
release, and are subject to certain risks and uncertainties that
could cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. Actual
results could differ materially from those expressed or implied by
such forward-looking statements as a result of various factors,
including, but not limited to: (1) those risk factors 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 be detailed from time to time in MTI’s reports filed with the
SEC. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date made.
Except as required by law, the Company assumes 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
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