Mechanical Technology, Incorporated Announces Trading in Preferred Stock Commencing Today
August 20 2021 - 1:32PM
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 the start of trading of its
Preferred Stock commencing today.The Series A Preferred Stock have
been approved for listing on the Nasdaq Stock Market LLC under the
symbol “MKTYP”.
The Series A Preferred Stock is perpetual and has
no maturity date. The Series A Preferred Stock is not redeemable
prior to August 23, 2026, except under certain circumstances. On or
after August 23, 2026, the Series A Preferred Stock may be redeemed
at the Company’s option, in whole or in part, from time to time, at
a redemption price of $25.00 per share of Series A Preferred Stock,
plus all dividends accumulated and unpaid (whether or not declared)
on the Series A Preferred Stock up to, but not including, the date
of such redemption. The Series A Preferred Stock may also be
redeemed upon the occurrence of certain delisting or change in
control events.
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
The statements in this press release, including
with respect to the expected timing of the closing of the offering,
the listing of the Series A Preferred Stock, the possible offering
of additional shares of the Series A Preferred Stock andthe
anticipated use of proceeds, 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) market
conditions and the satisfaction of all conditions to, and the
closing of, the offering; (2) those risk factors set forth in the
Company's Registration Statement on Form S-1 (File No. 333-257300),
as amended; and (3) 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.646.823.8656Ksmith@pcgadvisory.com
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