Admitted to listing on Nasdaq Stock Market LLC under the symbol “MKTYP”
ALBANY, NY, Aug. 20, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“EcoChain”), a renewable energy cryptocurrency mining company, and MTI Instruments, Inc. (“MTI Instruments”), a test, instrument and systems business, today announced the start of trading in its preferred stock. The Series A Preferred Stock has been admitted to listing on the Nasdaq Stock Market LLC under the symbol “MKTYP”.
The Series A preference shares are perpetual and have no maturity date. The Series A preference shares are not redeemable before August 23, 2026, except in certain circumstances. On or after August 23, 2026, at the Company’s option, Series A preference shares may be redeemed in whole or in part at a redemption price of USD 25.00 per share of Series A preference share plus any accrued dividends and unpaid (whether declared or not) on, but not including, Series A Preference Shares until the date of such redemption. Series A preference shares can also be redeemed in the event of certain delisting or change of control events.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will any sale of these securities be made in any state or jurisdiction in which such offer, solicitation or sale prior to registration would or would be unlawful Qualification under the securities laws of such state or jurisdiction.
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through EcoChain, MTI develops cryptocurrency mining systems that run on renewable energy and integrate into the blockchain network. Through MTI Instruments, MTI designs, manufactures, and distributes test and measurement equipment and systems that use a full range of technologies to solve complex, real-world applications in a wide variety of industries. These include manufacturing, electronics, semiconductors, solar, commercial and military aviation, automotive, and data storage. For more information on MTI, see https://www.mechtech.com.
The statements in this press release, including regarding the expected timing of the completion of the offering, the listing of the Series A Preferred Share, the possible offer of additional shares of the Series A Preferred Share, and the anticipated use of the proceeds, constitute forward statements for the purposes of this 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 the future results expressed or implied in such forward-looking statements. Actual results could differ materially from those expressed or implied in such forward-looking statements due to various factors including, but not limited to: (1) market conditions and the satisfaction of all conditions for the offer and completion of the offer; (2) the risk factors listed in the Company’s Registration Statement on Form S-1 (File Number 333-257300), as amended; and (3) other risks and uncertainties that may be disclosed from time to time in MTI’s SEC filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this publication. Unless required by law, the company assumes no obligation to update or revise forward-looking statements.
Kirin Smith, President
PCG Advisory, Inc.