Mechanical Technology, Incorporated Announces Trading in Preferred Stock Commencing Today

Rhea-AI Summary

Mechanical Technology, Incorporated (NASDAQ: MKTY) has announced the commencement of trading for its Series A Preferred Stock, listed under the symbol 'MKTYP' on the Nasdaq Stock Market. The Series A Preferred Stock is perpetual with no maturity date and is redeemable under specific conditions starting August 23, 2026. It can be redeemed at $25.00 per share, plus any unpaid dividends. MTI's subsidiaries include EcoChain, which focuses on renewable energy-powered cryptocurrency mining, and MTI Instruments, which designs measurement systems for various industries.

Positive

• Series A Preferred Stock trading begins on Nasdaq under symbol 'MKTYP'.
• Stock is perpetual with no maturity date, appealing to long-term investors.
• Potential for dividend accumulation until redemption.

Negative

• Redemption is restricted until August 23, 2026, limiting immediate liquidity.
• Market conditions may affect the success of the offering.

Approved for listing on the 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 cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. ("MTI Instruments"), a test and measurement instruments and systems business, today announced the start of trading of its Preferred Stock commencing today.The Series A Preferred Stock have been approved for listing on the Nasdaq Stock Market LLC under the symbol “MKTYP”.

The Series A Preferred Stock is perpetual and has no maturity date. The Series A Preferred Stock is not redeemable prior to August 23, 2026, except under certain circumstances. On or after August 23, 2026, the Series A Preferred Stock may be redeemed at the Company’s option, in whole or in part, from time to time, at a redemption price of $25.00 per share of Series A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but not including, the date of such redemption. The Series A Preferred Stock may also be redeemed upon the occurrence of certain delisting or change in control events.  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful 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 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, including with respect to the expected timing of the closing of the offering, the listing of the Series A Preferred Stock, the possible offering of additional shares of the Series A Preferred Stock andthe anticipated use of proceeds, 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) market conditions and the satisfaction of all conditions to, and the closing of, the offering; (2) those risk factors set forth in the Company's Registration Statement on Form S-1 (File No. 333-257300), as amended; and (3) 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 ticker symbol for Mechanical Technology's Preferred Stock?

The ticker symbol for Mechanical Technology's Preferred Stock is 'MKTYP'.

When did the trading of Series A Preferred Stock start for MKTY?

The trading of Series A Preferred Stock for Mechanical Technology commenced on August 20, 2021.

What is the redemption price of the Series A Preferred Stock?

The redemption price of the Series A Preferred Stock is $25.00 per share, plus any unpaid dividends.

What type of business does Mechanical Technology engage in?

Mechanical Technology operates in cryptocurrency mining through EcoChain and designs measurement systems via MTI Instruments.

Is the Series A Preferred Stock redeemable?

Yes, the Series A Preferred Stock may be redeemed under certain conditions starting from August 23, 2026.