NEW YORK, April 29, 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 underwritten public offering of an aggregate of 2,419,355 ordinary shares of the Company, together with warrants to purchase up to 604,839 ordinary shares of the Company, at a public offering price of $6.20 per share and associated warrant by its client Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), the parent company of MTI Instruments, Inc. (“MTI Instruments”) and EcoChain, Inc. (“EcoChain”), a cryptocurrency mining business powered by renewable energy. The warrants associated have an initial exercise price of $8.24 per share, are immediately exercisable and have a term of five years from the date of issuance.
The gross proceeds to MTI from this offering are $15,000,000 less underwriting discounts and other offering expenses, resulting in aggregate net proceeds to the Company of approximately $13,353,639. In the event that an option granted to the underwriters in the offering to purchase an additional 362,903 shares of common stock and warrants to purchase up to an additional 90,726 shares of common stock, on the same terms as the securities sold in the Offering, is exercised by the underwriters, in full, MTI would receive additional aggregate gross proceeds of approximately $2,250,000 less applicable underwriter discounts and other offering expenses.
MTI intends to use the net proceeds from this offering, together with other available funds, to fund 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 (i.e. land and buildings) and business, product line or asset acquisitions related to MTI Instruments, as well as for working capital and other general corporate purposes.
Univest Securities, LLC is acting as the sole book running manager for this offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through EcoChain, MTI is developing 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, including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. For more information about MTI, please visit https://www.mechtech.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Univest Securities, LLC
Executive Director of Investment Banking
375 Park Avenue #1502
New York, NY 10152
Phone: (212) 343-8888