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) March 22, 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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 8.01 Other Events.

On March 18, 2021, Mechanical Technology, Incorporated (the "Company") received notice from the Listing Qualifications staff of The Nasdaq Stock Market LLC that the Company's shares of common stock, par value $0.01 per share ("Common Stock"), have been approved for listing on The Nasdaq Capital Market ("Nasdaq"). The Company expects its shares of Common Stock to begin trading on Nasdaq at the opening of trading on March 23, 2021. A copy of the press release, issued by the Company today, announcing acceptance of the Company's shares of Common Stock for trading on Nasdaq, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Forward-Looking Statements

This Current Report on Form 8-K (this "Form 8-K") and Exhibit 99.1 contain forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities, or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by its management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks that may be included in documents that the Company files from time to time with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 8-K, except as required by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release dated March 22, 2021.

 

 

 

 


 

SIGNATURES

Pursuant to the requirement 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.

 

MECHANICAL TECHNOLOGY, INCORPORATED

 

 

 

 

 

 

Date: March 22, 2021

By:

/s/ Jessica L. Thomas

 

Name:

Jessica L. Thomas

 

Title:

Chief Financial Officer

 

 

Mechanical Technology, Incorporated Announces

Approval to Uplist to The Nasdaq Capital Market

 

Trading Expected to Begin on Tuesday, March 23

 

ALBANY, N.Y., March 22, 2021 /PRNewswire/ - Mechanical Technology, Incorporated ("MTI" or the "Company"), (OTCQB: MKTY), the parent company of MTI Instruments, Inc. ("MTI Instruments") and EcoChain, Inc. ("EcoChain"), announced today that the Company's common stock has been approved for listing on The Nasdaq Capital Market. Trading on The Nasdaq Capital Market is expected to begin at the opening of trading on Tuesday, March 23rd under the Company's existing ticker symbol "MKTY". The Company's common stock will continue to trade on the OTC Markets quotation system on the OTCQB Venture Market until trading commences on The Nasdaq Capital Market.

 

"Uplisting to The Nasdaq Capital Market is an important milestone in MTI's lifecycle as we continue to execute on our initiatives to build long term shareholder value," said Michael Toporek, CEO of MTI. "The uplisting will increase our visibility in the marketplace and ideally improve the trading liquidity of our common stock, as well as expand our institutional shareholder base, as we continue to execute and build on our positive momentum. This uplisting is a direct result of all the groundwork we have laid and a testament to the hard work from our team and partners. With our uplisting goal achieved, we believe that we are well positioned to continue to optimize the Company's return on invested capital as our growth strategy progresses."

 

 

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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