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Mechanical Technology, Incorporated Announces Initial Dividend for Series A Preferred Stock

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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.

Positive
  • Initial dividend of 9.0% enhances shareholder income.
  • Series A Preferred Stock trading under symbol MKTYP increases liquidity.
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  • None.

ALBANY, NY, Aug. 27, 2021 (GLOBE NEWSWIRE) -- 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 that its Board of Directors has declared an initial dividend on its shares of 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”). The dividend will be payable on September 30, 2021, to holders of the Series A Preferred Stock of record as of the close of business on September 7, 2021, for the period from August 23, 2021 through September 30, 2021. The Company announced the closing of the Series A Preferred Stock offering, and the issuance of the Series A Preferred Stock, on August 23, 2021 (the “Issuance Date”). The initial dividend accumulated from the Issuance Date. Dividends on the Series A Preferred Stock will be payable when, as and if declared by the Board of Directors monthly in arrears on the final day of each month at an annual rate of 9.0% of the $25.00 liquidation preference per share.

The Series A Preferred Stock began trading on the Nasdaq Stock Market LLC under the symbol “MKTYP” on August 20, 2021.

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 with respect to the payment of dividends on the Series A Preferred Stock 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) those 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 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.
646.823.8656
Ksmith@pcgadvisory.com


FAQ

What is the dividend amount for MKTY shareholders?

The dividend amount is 9.0% on the Series A Cumulative Perpetual Preferred Stock.

When is the dividend payment date for MKTYP shareholders?

The dividend payment date is September 30, 2021.

When is the record date for the dividend on MKTYP?

The record date for the dividend is September 7, 2021.

How often will dividends be paid on MKTYP?

Dividends on the Series A Preferred Stock will be payable monthly in arrears.

What is the liquidation preference for the Series A Preferred Stock of MKTY?

The liquidation preference is $25.00 per share.

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