Mechanical Technology, Incorporated Announces Initial Dividend for Series A Preferred Shares
News and research before you hear about it on CNBC et al. Claim your 1-week free trial for StreetInsider Premium here.
ALBANY, NY, October 08, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“EcoChain”) ), a renewable energy-powered cryptocurrency mining company, and MTI Instruments, Inc. (“MTI Instruments”), a test and measurement instruments and systems company, today announced that its Board of Directors has declared the regular monthly dividend on its shares of 9.0% Cumulative Perpetual Preferred Shares Series A, par value of $ 0.001 per share (the “Series A Preferred Shares”). The dividend will be payable on or about October 31, 2021, to holders of Series A preferred shares of record at the close of business on October 18, 2021, for the month ended October 31, 2021 and in respect of the 86,585 preferred stock shares Series A issued September 28, 2021 (the “optional shares”) for the a period from September 28, 2021 to September 30, 2021. The Company announced the closing of the offering of Series A preferred shares, and the issuance of Series A preferred shares, on August 23, 2021 and the issuance and sale of 86,585 option shares pursuant to the exercise of the underwriters over-allotment option on September 28, 2021 (the “Option Issue Date”). The initial dividend for the option shares accrued from the date of issue of the option. Dividends on the Series A Preferred Shares will be payable when, as the Board of Directors declares them monthly in arrears on the last day of each month or on the following business day at an annual rate of 9.0%. the liquidation preference of $ 25.00 per share.
The Series A preferred shares began trading on the Nasdaq Stock Market LLC under the symbol “MKTYP” on August 20, 2021.
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through EcoChain, MTI is developing renewable energy-powered cryptocurrency mining facilities 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 full range of technologies to solve complex and real-world applications in many industries. These include manufacturing, electronics, semiconductors, solar power, commercial and military aviation, automotive, and data storage. For more information on MTI, please visit https://www.mechtech.com.
The statements contained in this press release regarding the payment of dividends on the Series A Preferred Shares constitute forward-looking statements within the meaning of 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 statements. prospective. Actual results could differ materially from those expressed or implied by these forward-looking statements due to various factors, including, but not limited to: (1) the 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 which 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 of their publication. Except as required by law, the Company assumes no obligation to update or revise forward-looking statements.
Kirin Smith, President
PCG Consulting, Inc.