Mechanical Technology, Incorporated announces the closing of

ALBANY, NY, Aug 23, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“EcoChain”), a cryptocurrency mining company powered by renewable energies, and MTI Instruments, Inc. (“MTI Instruments”), an instrumentation and test and measurement systems company, today announced the closing of its subscribed public offering increased by 720,000 shares of its shares. 9.0% Cumulative Perpetual Preferred Series A par value of $ 0.001 per share, with a Liquidation Preference of $ 25.00 per share (the “Series A Preferred Shares”), at a public price of $ 25.00 per share for total gross proceeds of $ 18,000,000. The net proceeds to the Company, after payment of discounts and underwriting commissions and estimated offering fees payable by the Company, were approximately $ 16.1 million.

The Series A preferred shares have been approved for listing on the Nasdaq Stock Market LLC under the symbol “MKTYP”.

The Company has also granted the underwriters a 45-day option to purchase up to 108,000 additional Series A Preferred Shares (representing 15% of the shares of the Series A Preferred Shares sold under the Offer) to cover the over-allotments, if only. The Underwriters may exercise this option at any time and from time to time during the 45 day period following the closing of the offering. If the Over-Allotment Option is exercised in full by the Underwriters, this will result in additional Aggregate Gross Proceeds of approximately $ 2,700,000 less applicable Underwriters discounts and other fees and expenses relating to the Offer.

MTI intends to use the net proceeds of the offering for the acquisition, development and growth of data centers, including cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software and real estate, and acquisitions of businesses, product lines or assets related to MTI Instruments and for working capital and general business needs , which include, but are not limited to, operating expenses.

Series A preferred shares are perpetual and have no expiration date. The Series A preferred shares are not redeemable until August 23, 2026, except in certain circumstances. Effective August 23, 2026, the Series A preferred shares may be redeemed at the option of the Company, in whole or in part, from time to time, at a redemption price of $ 25.00 per share of the preferred stock of Series A, plus all accrued and unpaid dividends (whether declared or not) on the Series A preferred shares up to, but not including, the date of such redemption. The Series A preferred shares may also be redeemed upon the occurrence of certain delisting or change of control events.

Univest Securities, LLC is acting as the sole book manager for this offering.

The offering is 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 to Rule 462 (b), previously filed with and subsequently declared in effect by the Securities and Exchange Commission (“SEC”). A final prospectus relating to the offering was filed with the SEC on August 20, 2021 and is available on the SEC’s website at 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 @

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.

About MTI

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

Forward-looking statements

The statements contained in this press release, including with respect to the possible offering of Series A Preferred Shares and the intended use of the proceeds, 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 that 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.

Contact details:

Lisa Brennan
[email protected]

Investor Relations:

Kirin Smith, President
PCG Consulting, Inc.
[email protected]

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