Univest Securities, LLC. Announces Closing of $15 Million Underwritten Public Offering for its Client Mechanical Technology, ...
April 29 2021 - 5:55PM
Univest Securities, LLC, a member of FINRA and SIPC, and a
full-service investment bank and securities broker-dealer firm
based in New York, today announced the closing of an underwritten
public offering of an aggregate of 2,419,355 ordinary shares of the
Company, together with warrants to purchase up to 604,839 ordinary
shares of the Company, at a public offering price of $6.20 per
share and associated warrant by its client 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. The warrants associated 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 MTI 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. In the event that an option granted to
the underwriters in the offering to purchase an additional 362,903
shares of common stock and warrants to purchase up to an additional
90,726 shares of common stock, on the same terms as the securities
sold in the Offering, is exercised by the underwriters, in full,
MTI would receive additional aggregate gross proceeds of
approximately $2,250,000 less applicable underwriter discounts and
other offering expenses.
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.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy 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 the
registration or qualification under the securities laws of any such
state or jurisdiction.
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.
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.
Forward-Looking Statements
This news release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. These statements are
subject to uncertainties and risks including, but not limited to,
product and service demand and acceptance, changes in technology,
economic conditions, the impact of competition and pricing,
government regulations, and other risks contained in reports filed
by the company with the Securities and Exchange Commission. All
such forward-looking statements, whether written or oral, and
whether made by or on behalf of the Company, are expressly
qualified by this cautionary statement and any other cautionary
statements which may accompany the forward-looking statements. In
addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
For more information, please
contact:
Univest Securities, LLC
Edric Guo
Executive Director of Investment Banking
375 Park Avenue #1502
New York, NY 10152
Phone: (212) 343-8888
Email: info@univest.us
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