Mechanical Technology Incorporated Announces Closing of Partial Exercise of Over-Allotment Option Pursuant to an Offer of Preferred Shares (Form 8-K)
Mechanical Technology announces the closing of the partial financial year of
Allocation option in the preferred share offer
ALBANY, NY, September 28, 2021 – Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“EcoChain”), a cryptocurrency mining company powered by renewable energy , and MTI Instruments, Inc. (“MTI Instruments”), an instrumentation and test and measurement systems company, today announced that it has completed the issuance and sale of an additional 86,585 shares (the “shares option â) of its 9.0% cumulative perpetual preferred shares Series A, par value $ 0.001 per share (â Series A preferred shares â) to the underwriters in connection with its public offering of series preferred shares Previously announced, pursuant to the partial exercise of their over-allotment option to purchase up to 108,000 additional preferred shares of Series A Shares, at a public price of $ 25.00 per share, resulting in additional gross proceeds of approximately $ 2.16 million, less remittances es applicable to the Underwriters and the estimated offering costs.
The Series A preferred shares began trading on the Nasdaq under the symbol “MKTYP” on August 23, 2021.
Univest Securities, LLC acted as the sole accounting manager for this offering.
The Company expects the initial dividend in respect of the optional shares, as well as the regular monthly dividend on the Series A preferred shares, to be paid on or around October 31, 2021, including for the period from issue as at September 30, 2021, if and when declared by the board of directors of the Company to the registered holders of Series A preferred shares on a record date to be determined by the board of directors.
The offering was made in accordance with 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 in accordance with Rule 462 (b), previously filed with and subsequently declared in force by the Securities and Exchange Commission (âSECâ). 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 telephone (212) 343-8888 or by e-mail at info @ univest.us.
This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or jurisdiction.
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through EcoChain, MTI is developing renewable energy-powered cryptocurrency mining facilities 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 full range of technologies to solve complex and real-world applications in many industries. These include manufacturing, electronics, semiconductors, solar power, commercial and military aviation, automotive, and data storage. For more information on MTI, please visit https://www.mechtech.com.
Certain statements contained in this press release constitute forward-looking statements within the meaning of 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 which could cause actual results to differ materially from future results expressed or implied by such statements. prospective. Actual results could differ materially from those expressed or implied by these forward-looking statements due to various factors, including, but not limited to: (1) the 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 which 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 of their publication. Except as required by law, the Company assumes no obligation to update or revise forward-looking statements.
Kirin Smith, President
PCG Consulting, Inc.
MTI – Incorporated Mechanical Technology published this content on September 30, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 30, 2021 06:31:03 PM UTC.