Item 8.01 Other Events.
Preferred Offering Over-Allotment Option Closing
As previously
disclosed, on August 23, 2021, Mechanical Technology, Incorporated (the “Company”) issued and sold pursuant to a firm
commitment public offering (the “Offering”) 720,000 shares of the Company’s 9.0% Series A Cumulative Perpetual
Preferred Stock, par value $0.001 per share, with a $25.00 liquidation preference per share (the “Series A Preferred Stock”).
In connection with the Offering, the underwriter was provided with a 45-day option and right to purchase up to an additional 108,000
shares of Series A Preferred Stock (the “Option Shares”), on the same terms as the securities sold in the Offering,
including the public offering price of $25.00 per share (the “Over-Allotment Option”).
On September
28, 2021, the Company issued and sold to the underwriter 86,585 Option Shares, pursuant to its partial exercise of the Over-Allotment
Option, resulting in additional aggregate gross proceeds of approximately $2.16 million, less applicable underwriter discounts
and estimated offering expenses. The Company expects the initial dividend with respect to the Option Shares, along with the regular
monthly dividend on the Series A Preferred Stock, will be paid on or about October 31, 2021, including for the period from issuance
through September 30, 2021, if and when declared by the Board of Directors to holders of record of Series A Preferred Stock as
of a record date to be determined by the Board of Directors.
On September 28, 2021, the Company issued a press
release announcing the closing of the issuance and sale of the Option Shares, a copy of which is furnished herewith as Exhibit 99.1 to
this Current Report on Form 8-K and is incorporated herein by reference.
Appointment of Mary O’Reilly as Chief People Officer
On September 29, 2021, EcoChain Inc. (“EcoChain”),
a wholly-owned subsidiary of the Company, announced the appointment of Mary O’Reilly as Chief People Officer.
Ms. O’Reilly has
spent the last 20 years in operations and organizational development roles helping build startups and transform large media organizations.
Ms. O’Reilly holds a B.A. degree in Psychology from Antioch University and is pursuing her M.A. in Industrial-Organizational Psychology
at Harvard University.
On September 29, 2021, the Company issued a press
release announcing the appointment of Ms. O’Reilly as Chief People Officer, a copy of which is furnished herewith as Exhibit 99.2
to this Current Report on Form 8-K and is incorporated herein by reference.
This
Form 8-K contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express
the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future
activities, or future events or conditions. These statements are based on current expectations, estimates and projections about
the Company's business based, in part, on assumptions made by its management. These statements are not guaranties of future performance
and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks
that may be included in documents that the Company files from time to time with the SEC. Any forward-looking statements speak
only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date of this Form 8-K, except as required by law.