Chicago, Aug. 19 – Mechanical Technology Inc. sold an upsized offering of $18 million, or 720,000 shares, of $25-par series A cumulative perpetual preferred stock with a 9% dividend, according to a press release on Thursday.
The shares are redeemable at par after Aug. 23, 2026. The shares may also be redeemed upon the occurrence of certain delisting or change-of-control events.
Underwriters have a 45-day option to purchase an additional 108,000 shares to cover over-allotments.
The preferreds have been approved for listing on the Nasdaq Stock Market under the symbol “MKTYP.” Trading is expected within 10 days of closing.
Univest Securities, LLC is the bookrunner.
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.
Based in Albany, N.Y., Mechanical Technology is a holding company for MTI Instruments, Inc. and EcoChain, Inc.
| Issuer: | Mechanical Technology Inc.
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| Issue: | Series A preferred stock
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| Amount: | $18 million, or 720,000 shares
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| Greenshoe: | $2.7 million, or 108,000 shares
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| Maturity: | Perpetual
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| Bookrunner: | Univest Securities, LLC
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| Dividend: | 9%
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| Price: | Par of $25.00
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| Yield: | 9%
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| Call features: | After Aug. 23, 2026 at par
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| Trade date: | Aug. 18
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| Settlement date: | Aug. 23
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| Distribution: | SEC registered
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| Listing: | Nasdaq: MKTYP
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