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Mechanical Technology, Incorporated (NASDAQ: MKTY) has successfully acquired Soluna Computing, Inc. (SCI), integrating it as a wholly-owned subsidiary of EcoChain. The acquisition enhances EcoChain's renewable energy-powered data center solutions, boosting the total energy pipeline to 350 MW, with plans for an additional 200 MW. The deal enables MTI to access SCI’s assets and expertise while changing its name to Soluna Holdings, Inc. Key financial terms include 92% of consideration contingent on project completion. The transition positions MTI for growth within the renewable energy sector.
Mechanical Technology, Incorporated (NASDAQ: MKTY) announced a $16.3 million securities purchase agreement to sell convertible notes to accredited investors. The notes are convertible at $9.18 per share, with an 8% original issue discount. Each investor will receive warrants to purchase shares at various exercise prices. The company expects to net approximately $15 million for general corporate purposes, which will support their cryptocurrency mining initiatives powered by renewable energy. The transaction is expected to close within three business days, subject to customary conditions.
Mechanical Technology, Incorporated (NASDAQ: MKTY) announced the energization of its first greenfield modular data center project, Project Sophie, which includes 22 buildings. This project will achieve a full capacity of 25 MW by November 2021, ahead of schedule. It utilizes Soluna’s proprietary design for cryptocurrency mining, primarily powered by hydroelectric energy. Collectively with previous projects, MTI’s operational portfolio will exceed 50 MW. The company plans further expansions with additional projects to enhance efficiency and profitability in renewable energy utilization.
EcoChain, a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), reported significant growth in its cryptocurrency mining operations for September 2021. The company exceeded its hashrate target, achieving 300 PH/s, a 107% increase over August. The annualized cash contribution run rate surpassed $11.6 million. CEO Michael Toporek expressed excitement about reaching the 50MW target by year-end, emphasizing the efficiency of their infrastructure. EcoChain continues to ramp up operations, with a strong hashrate and revenue growth over the previous quarters.
Mechanical Technology, Incorporated (NASDAQ: MKTY) has declared a monthly dividend of 9.0% on its Series A Cumulative Perpetual Preferred Stock. This dividend will be paid on October 31, 2021, to shareholders recorded by the close of business on October 18, 2021. This includes 86,585 shares issued on September 28, 2021. The dividend on the Series A Preferred Stock is payable in arrears monthly and is based on a $25.00 liquidation preference per share. The stock symbol for the preferred shares is MKTYP.
Mechanical Technology, Incorporated (NASDAQ: MKTY) will present at the Fall Harvest - Best Ideas from the Buy-Side virtual conference from October 5-8, 2021. CEO Michael Toporek is scheduled to present on October 6 at 3:30 PM ET, with live webcasting available for replay. The conference features the top 35 companies recommended by qualified institutional investors. MTI focuses on renewable energy-powered cryptocurrency mining through EcoChain and offers test and measurement instruments via MTI Instruments. For more details, visit www.mechtech.com.
EcoChain, Inc., a subsidiary of Mechanical Technology, Incorporated (MKTY), has appointed Mary O’Reilly as Chief People Officer. This strategic move aims to enhance the company's workforce strategies to meet growth objectives in the competitive cryptocurrency mining sector. O'Reilly brings over 20 years of experience in organizational development, previously serving as COO of Farm Sanctuary and VP at Viacom. CEO Michael Toporek emphasizes the importance of robust strategies for attracting and retaining talent as the company scales operations.
Mechanical Technology, Incorporated (NASDAQ: MKTY) has completed the issuance of 86,585 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock, generating approximately $2.16 million in gross proceeds. This issuance follows the partial exercise of the underwriters' over-allotment option from their recent public offering. The Series A Preferred Stock, which trades under the symbol MKTYP, began trading on August 23, 2021. The initial dividend for the new shares is expected on or about October 31, 2021, pending Board declaration.
EcoChain, Inc., a subsidiary of Mechanical Technology, Incorporated (MKTY), reported a significant increase in its financial metrics for August 2021. The cash contribution margin rose to $748,000, more than double the $358,000 from July, marking an annual run-rate of $8.97 million. Additionally, the company's hashrate surged by 174% over the previous month. Key developments include the operational launch of the Anaconda facility in September and a hosting joint venture that started in August.
Mechanical Technology, Incorporated (NASDAQ: MKTY) has declared an initial dividend of 9.0% on its Series A Cumulative Perpetual Preferred Stock, with a par value of $0.001 per share. This dividend will be payable on September 30, 2021, to holders of record as of September 7, 2021. The dividend covers the period from August 23, 2021, and will be issued monthly in arrears, based on a $25.00 liquidation preference per share. The Series A Preferred Stock commenced trading under the symbol “MKTYP” on August 20, 2021.
