Mechanical Technology, Incorporated Announces Initial Dividend for Series A Preferred Stock
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.
- Initial dividend of 9.0% enhances shareholder income.
- Series A Preferred Stock trading under symbol MKTYP increases liquidity.
- 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
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
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