April 29, 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 firm commitment underwritten public offering of 2,419,355 shares of its common stock, together with accompanying warrants to purchase up to 604,839 shares of common stock at a combined public offering price of $6.20. The warrants have an initial exercise price of $8.24 per share, are immediately exercisable and have a term of five years from the date of issuance.
The gross proceeds to the Company from this offering are $15,000,000 less underwriting discounts and other offering expenses, resulting in aggregate net proceeds to the Company of approximately $13,353,639. 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.