ALBANY, N.Y., April 27, 2021 /PRNewswire/ -- Mechanical
Technology, Incorporated ("MTI" or the "Company"), (NASDAQ:
MKTY), the parent company of MTI Instruments, Inc. ("MTI
Instruments") and EcoChain, Inc. ("EcoChain"), a cryptocurrency
mining business powered by renewable energy, announced
today the pricing 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.
Each share of common stock will be sold in combination with an
accompanying warrant to purchase .25 of one share of common stock
issued for each share of common stock sold. The combined offering
price to the public of each share of common stock and accompanying
warrant is $6.20. The warrant
will have an initial exercise price of $8.24 per share, will be immediately exercisable
and will have a term of five years from the date of issuance.
The gross proceeds to MTI from this offering are expected to be
approximately $15 million, before
deducting underwriting discounts and other offering expenses
payable by MTI. Additionally, MTI has granted the
underwriter a 45-day option to purchase up to an additional 362,903
shares of its common stock, together with accompanying warrants to
purchase up to 90,726 shares of common stock at the public
offering price. All of the securities are being sold by MTI to the
underwriters in the offering, who have agreed to purchase all of
such securities. The offering is expected to close on or about
April 29, 2021, subject to customary
closing conditions.
MTI intends to use the net proceeds from this offering, together
with other available funds, to fund for the acquisition,
development and growth of data centers, including cryptocurrency
mining processors, other computer processing equipment, data
storage, electrical infrastructure, software and real property
(i.e. land and buildings) and business, product line or asset
acquisitions related to MTI Instruments, as well as for working
capital and other general corporate purposes.
Univest Securities, LLC is acting as the sole book running
manager for this offering.
About MTI
MTI is the parent company of MTI Instruments, Inc. and EcoChain,
Inc. Through EcoChain, MTI is developing 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, including
manufacturing, electronics, semiconductor, solar, commercial and
military aviation, automotive and data storage. For more
information about MTI, please
visit https://www.mechtech.com.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC
provides a wide variety of financial services to its institutional
and retail clients globally including brokerage and execution
services, sales and trading, market making, investment banking and
advisory, wealth management. It strives to provide clients with
value-add service and focuses on building long-term relationship
with its clients. For more information, please visit:
www.univest.us
Forward Looking Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect management's current
expectations, as of the date of this communication, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the
Company's business strategy. The Company's actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish
and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from
others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to
implement its long range business plan for various applications of
its technology; the Company's ability to enter into agreements with
any necessary partners; the impact of competition, the obtaining
and maintenance of any necessary regulatory clearances applicable
to applications of the Company's technology; and management of
growth and other risks and uncertainties that may be detailed from
time to time in the Company's reports filed with the Securities and
Exchange Commission.
Contact Information:
Jess
Olszowy
jolszowy@mtiinstruments.com
Investor Relations:
Kirin
Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
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SOURCE Mechanical Technology, Incorporated