SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934
(Amendment No. )*

 

Mechanical Technology, Incorporated

 

(Name of Issuer)

 

Common Stock

 

(Title of Class of Securities)

 

583543103

 

(CUSIP Number)

 

April 27, 2021

 

(Date of Event which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

☐ Rule 13d-1(b)
☒ Rule 13d-1(c)
☐ Rule 13d-1(d)

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 583543103

  13G   Page 2 of 8 Pages

 

1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Waichun Logistics Technology Limited
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ☐
(b)    ☒
3. SEC USE ONLY
 
4. CITIZENSHIP OR PLACE OF ORGANIZATION
 
Hong Kong
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
 
0
6.

SHARED VOTING POWER

 

1,088,625

7. SOLE DISPOSITIVE POWER
 
0
8.

SHARED DISPOSITIVE POWER

 

1,088,625

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,088,625
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(see instructions)    ☐
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

8.69%
12. TYPE OF REPORTING PERSON (see instructions)

OO

  

CUSIP No. 583543103

  13G   Page 3 of 8 Pages

 

1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Hui Xian
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ☐
(b)    ☒
3. SEC USE ONLY
 
4. CITIZENSHIP OR PLACE OF ORGANIZATION
 China
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5. SOLE VOTING POWER
 
0
6. SHARED VOTING POWER
 
1,088,625
7. SOLE DISPOSITIVE POWER
 
0
8. SHARED DISPOSITIVE POWER
 
1,088,625
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,088,625
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(see instructions)    ☐
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

8.69%
12. TYPE OF REPORTING PERSON (see instructions)

IN

  

CUSIP No. 583543103

  13G   Page 4 of 8 Pages

 

Item 1(a). Name of Issuer:

 

Mechanical Technology, Incorporated (the “Issuer”)

 

Item 1(b). Address of Issuer’s Principal Executive Offices:

 

The Issuer’s principal executive offices are located at 325 Washington Avenue Extension, Albany, NY 12205.

 

Item 2(a). Names of Persons Filing:

 

This statement is filed by:

 

  (i) Waichun Logistics Technology Limited, a Hong Kong limited liability company (“Waichun Logistics”); and
   
  (ii) Hui Xian (“Mr. Xian”).

 

The foregoing persons are hereinafter sometimes collectively referred to as the (“Reporting Persons”). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.

 

The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act.

 

The filing of this statement should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the securities reported herein.  

 

Item 2(b). Address of Principal Business Office or, if none, Residence:

 

The principal business address of Waichun Logistics is RM 903-4 9/F Wing On Plaza No. 62 Mody Road, Tsim Sha Tsui, Hong Kong, Hong Kong. The address of Mr. Xian is 5A502 Zhenshan Dao, Lanjiangshandi Huayuan 2 qi, Futian District, Shenzhen, China.

 

Item 2(c). Citizenship:

 

Waichun Logistics is a limited liability company organized under the laws of Hong Kong. Mr. Xian is a citizen of China.

 

Item 2(d). Title of Class of Securities:

 

The title of the class of securities to which this statement relates is Common Stock, par value $0.001.

 

Item 2(e). CUSIP Number:

 

583543103

 

CUSIP No. 583543103

  13G   Page 5 of 8 Pages

 

Item 3. If This Statement is Filed Pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing is a:

 

Not applicable.

 

Item 4. Ownership.

 

The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover page to this Schedule 13G and is incorporated herein by reference for each such Reporting Person. The ownership percentages reported are based on (i) 12,309,117 shares of Common Stock outstanding as reported in the Issuer’s prospectus on Form 424B1, filed with the U.S. Securities and Exchange Commission on April 28, 2021, and (ii) 217,725 shares of Common Stock upon exercise of the common stock purchase warrants held by the Reporting Persons

 

As of the date hereof, Waichun Logistics is the beneficial owner of 1,088,625 shares of Common Stock (the “Shares”). Waichun Logistics has the power to dispose of and the power to vote the Shares beneficially owned by it, which power may be exercised by its Chief Executive Officer, Mr. Xian. Mr. Xian, as Chief Executive Officer of Waichun Logistics, has the power to vote and/or dispose of the Shares beneficially owned by Waichun Logistics. Mr. Xian does not directly own any Shares of the Issuer. By reason of the provisions of Rule 13d-3 of the Act, Mr. Xian may be deemed to beneficially own the Shares beneficially owned by Waichun Logistics.

 

Item 5. Ownership of Five Percent or Less of a Class.

 

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☐.

 

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

 

Not applicable.

 

CUSIP No. 583543103

  13G   Page 6 of 8 Pages

 

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

 

Not applicable.

 

Item 8. Identification and Classification of Members of the Group.

 

Not applicable.

 

Item 9. Notice of Dissolution of Group.

 

Not applicable.

 

Item 10. Certification.

 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

 

CUSIP No. 583543103

  13G   Page 7 of 8 Pages

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: May 10, 2021 WAICHUN LOGISTICS
TECHNOLOGY LIMITED
   
  /s/ Hui Xian
  Name: Hui Xian
  Title: Chief Executive Officer
   
  /s/ Hui Xian
  Hui Xian

  

 

CUSIP No. 583543103

  13G   Page 8 of 8 Pages

 

EXHIBIT 1

 

JOINT FILING AGREEMENT

PURSUANT TO RULE 13d-1(k)

 

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. The undersigned hereby further agree that this Joint Filing Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of which counterparts shall together constitute one and the same instrument.

 

Date: May 10, 2021 WAICHUN LOGISTICS
TECHNOLOGY LIMITED
   
  /s/ Hui Xian
  Name: Hui Xian
  Title: Chief Executive Officer
   
  /s/ Hui Xian
  Hui Xian

 

 

 

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