Mechanical Technology, Incorporated Announces Initial Dividend for Series A Preferred Stock
ALBANY, N.Y. – 
(NewMediaWire) – August 27, 2021 – Mechanical
Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of EcoChain, Inc. (“EcoChain”),
a cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. (“MTI Instruments”), a
test and measurement instruments and systems business, today announced that
its Board of Directors has declared an initial dividend on its shares of 9.0%
Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series
A Preferred Stock”). The dividend will be payable on September 30, 2021, to
holders of the Series A Preferred Stock of record as of the close of business on
September 7, 2021, for the period from August 23, 2021 through September 30,
2021. The Company announced the closing of the Series A Preferred Stock
offering, and the issuance of the Series A Preferred Stock, on August 23, 2021
(the “Issuance Date”). The initial dividend accumulated from the Issuance Date.
Dividends
on the Series A Preferred Stock will be payable when, as and if declared by the
Board of Directors monthly in arrears on the final day of each month at an
annual rate of 9.0% of the $25.00 liquidation preference per share.
The Series A Preferred Stock began
trading on the Nasdaq Stock Market LLC under the symbol “MKTYP” on August 20,
2021.
About MTI
MTI is the parent company of MTI
Instruments, Inc. and EcoChain, Inc. Through EcoChain, MTI develops
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. Those include 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
The statements in this press
release with respect to the payment of dividends on the Series A
Preferred Stock constitute
forward-looking statements within the meaning of the 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 forward-looking statements. Actual results could differ
materially from those expressed or implied by such forward-looking statements
as a result of various factors, including, but not limited to: (1) those 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 that 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 made. Except as required by law, the Company
assumes no obligation to update or revise any forward-looking statements.
Contact Information:
Lisa Brennan
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
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