Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, December 4, 1:53 AM
|This Slide: #18 of 573|
Slide #18. Mechanical Technology, Incorporated — Preferred Stock Offering
Mechanical Technology, Incorporated (MKTY)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
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 the pricing of its upsized underwritten public offering of 720,000 shares of its 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. The Company expects to receive gross proceeds of $18.0 million, before deducting underwriting discounts and other estimated offering fees and expenses. The offering is expected to close on August 23, 2021, subject to customary closing conditions. The Company has 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.
Mechanical Technology, via its subsidiary MTI Instruments, Inc., supplies precision linear displacement solutions, vibration measurement and system balancing solutions, and wafer inspection tools, consisting of electronic gauging instruments for position, displacement and vibration application within the industrial manufacturing/production markets, as well as the research design and process development market; and engine vibration analysis system for both military and commercial aircraft. Co. provides precision measurement products in the following categories including: non-contact measurement; turbine engine/rotating machine measurement and balancing; and diagnostic equipment.
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