Univest Securities, LLC Announces Closing of Upsized $18 Million Preferred Stock Offering for its Client Mechanical Technology, Incorporated (Nasdaq

MKTYP)

NEW YORK, Aug. 23, 2021 (GLOBE NEWSWIRE) -- 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 upsized underwritten public offering for the sale of 720,000 shares of 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”), at a price to the public of $25.00 per share for aggregate gross proceeds of $18,000,000 by its client 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. Net proceeds to the Company, after payment of underwriting discounts and fees and estimated offering expenses payable by the Company, were approximately $16.1 million.

The Series A Preferred Stock is a new issue of securities with no established trading market. The Series A Preferred Stock has been approved for listing on the Nasdaq Stock Market LLC under the symbol “MKTYP”.

The Company has also granted the underwriters a 45-day option to purchase up to an additional 108,000 shares of the Series A Preferred Stock (representing 15% of the shares of the Series A Preferred Stock being sold in the offering) to cover over-allotments, if any. The underwriters may exercise this option at any time and from time to time during the 45-day period from the closing of the offering. In the event that the Over-Allotment Option is exercised by the underwriters, in full, that would result in additional aggregate gross proceeds of approximately $2,700,000 less applicable underwriter discounts and other offering fees and expenses.

MTI intends to use the net proceeds of the offering 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, and business, product line or asset acquisitions related to MTI Instruments and for working capital and general corporate purposes, which include, but are not limited to, operating expenses.