Mechanical Technology, Incorporated Announces Initial Dividend for Series A Preferred Stock
August 27 2021 - 1:40PM
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.646.823.8656Ksmith@pcgadvisory.com
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