Mechanical Technology greenshoe partially exercised, ups 9% preferreds to $20.16 million

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – Underwriters for Mechanical Technology Inc.’s 9% $25-par series A cumulative perpetual preferred stock exercised a $2.16 million portion of their $2.7 million greenshoe, lifting the total size of the deal to $20.16 million, according to a news release.

The company priced $18 million, or 720,000 shares, of the preferreds on Aug. 18, as previously reported.

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.

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.

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