UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported) February 26, 2021 (February 24, 2021)

 

MECHANICAL TECHNOLOGY, INCORPORATED

(Exact name of registrant as specified in its charter)

 

New York

 

000-06890

 

14-1462255

(State or other jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification Number)

 

325 Washington Avenue Extension

Albany, New  York

 

12205

(Address of registrant's principal executive office)

 

(Zip code)

 

(518) 218-2550

(Registrant's telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbol(s)

 

Name of each exchange on which
registered

None

 

N/A

 

N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company     ☑

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Aly Madhavji to Board of Directors

 

On February 24, 2021, the Board, pursuant to its powers under the Company's certificate of incorporation and bylaws, appointed Aly Madhavji as a member of the Board to fill an existing vacancy in the Board, effective February 24, 2021. Mr. Madhavji will serve with directors serving on the class of directors whose terms expire in 2022, and until the 2022 annual meeting of the Company's stockholders, at which time, if nominated, he will stand for election for a three-year term until the third annual meeting of the Company's stockholders following his election, or his earlier resignation, retirement, or other termination of service.

  

There was no understanding or arrangement between Mr. Madhavji and any other person pursuant to which Mr. Madhavji was appointed as a director. Mr. Madhavji is not party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K.   

 

On February 25, 2021, the Company issued a press release announcing the appointment of Mr. Madhavji to the Board, a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in such exhibit shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits

 

No.

 

Description

99.1

 

Press Release of the Company, dated February 25, 2021.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

Date: February 26, 2021

MECHANICAL TECHNOLOGY, INCORPORATED

 

 

 

 

 

 

By:

/s/ Jessica L. Thomas

 

 

 

Name: Jessica L. Thomas

Title: Chief Financial Officer

 

 

 

 

 

 

 

Mechanical Technology, Incorporated and Subsidiary, EcoChain, Inc. Announce Appointment of Aly Madhavji to Board of Directors

 

Madhavji is a Leader in Blockchain and Emerging Technologies

 

ALBANY, N.Y., February 25, 2021 /PRNewswire/ - Mechanical Technology, Incorporated ("MTI" or the "Company"), (OTCQB: MKTY), the parent company of MTI Instruments, Inc. and EcoChain, Inc. ("EcoChain"), a cryptocurrency mining business powered by renewable energy, announced today that its Board of Directors has appointed Aly Madhavji ("Aly" or "Mr. Madhavji") as a member of the Board, effective immediately. MTI's Board of Directors now has eight members, including Mr. Madhavji. Mr. Madhavji will be placed in the class of directors with a term that will expire in 2022.

                                          

Mr. Madhavji is the Managing Partner at Blockchain Founders Fund. He also consults leading organizations, such as the United Nations, on emerging technologies. Mr. Madhavji is a Limited Partner at Loyal VC and Draper Goren Holm, an award-winning author, a Senior Blockchain Fellow at INSEAD and recognized as a "Blockchain 100" Global Leader by Lattice80. He holds a Bachelor of Commerce from the University of Toronto, a Master of Business Administration from INSEAD and a Master of Global Affairs, as a Schwarzman Scholar, from Tsinghua University.

 

Michael Toporek, CEO of MTI, commented, "Mr. Madhavji's knowledge and passion for emerging technologies will be a valuable asset to our Board as we work to grow and scale the Company's EcoChain cryptocurrency mining facilities. His expertise and key relationships with blockchain start-ups and consulting with companies and government agencies will also be a great resource for MTI and we welcome him to MTI and the Board."

 

Aly added, "EcoChain's business model to develop cryptocurrency mining facilities powered by renewable energy is an impressive application of leading-edge technologies. I am thrilled to join the Board and contribute my insight to the successful buildout of the business plan."

 

 

About MTI

 

MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. 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. Through EcoChain, MTI is developing cryptocurrency mining facilities powered by renewable energy that integrate with the blockchain network. For more information about MTI, please visit https://www.mechtech.com.

 

 

 

Forward Looking Statement

 

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.

 

 

Contact Information:

Jess Olszowy

jolszowy@mtiinstruments.com

 

Investor Relations:

Kirin Smith, President

PCG Advisory, Inc.

646.823.8656

Ksmith@pcgadvisory.com

 

 

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