August 23, 2021
Mechanical Technology, Incorporated (the “Company”) (NASDAQ: MKTY), the parent company of MTI Instruments, Inc. and EcoChain, Inc, a cryptocurrency mining business powered by renewable energy, announced today the closing of its upsized underwritten public offering of 720,000 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, with a $25.00 liquidation preference per share (the “Series A Preferred Stock”) at a price to the public of $25.00 per share for aggregate gross proceeds of $18,000,000.
Net proceeds to the Company, after payment of underwriting discounts and fees and estimated offering expenses payable by the Company, were approximately $16.1 million. The Series A Preferred Stock has been approved for listing on the Nasdaq Stock Market LLC under the symbol “MKTYP.”
Univest Securities, LLC acted as the sole book running manager for this offering. Hunter Taubman Fischer & Li LLC (“HTFL”) acted as counsel to the underwriter. HTFL is a boutique law firm specializing in corporate, commercial and securities transactions, cross-border financing, immigration and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.