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)
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New York
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000-06890
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14-1462255
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(State or other jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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325 Washington
Avenue Extension
Albany, New
York
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12205
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(Address of registrant's principal executive office)
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(Zip code)
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(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):
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading symbol(s)
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Name of each exchange on which
registered
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None
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N/A
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N/A
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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
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.
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MECHANICAL
TECHNOLOGY, INCORPORATED
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Date: March 22,
2021
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By:
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/s/ Jessica L.
Thomas
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Name:
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Jessica L.
Thomas
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Title:
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Chief Financial
Officer
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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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