ALBANY, N.Y., April 3, 2020 /PRNewswire/ -- Mechanical Technology, Incorporated ("MTI" or the "Company"), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announces today that it has submitted to the U.S. Securities and Exchange Commission (the "SEC") a request to withdraw the Company's registration statement on Form 10 as filed with the SEC on March 4, 2020 (the "Registration Statement").
The Company is withdrawing the Registration Statement as the Company's board of directors has determined, based on recent market and economic disruptions caused by the COVID-19 pandemic, that the registration of the Company's common stock under the Securities Exchange Act of 1934 (the "Exchange Act") is not advisable and is not in the best interests of the Company and its shareholders at this time. The Company may file a new Form 10 to register its common stock at a later date should the board of directors determine that such action is then advisable.
The Company's common stock will continue to be quoted on the OTC Pink – Current Information tier of the OTC Markets Group quotation system.
MTI is engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments, Inc. and is developing renewable-energy powered cryptocurrency mining operations through its newest subsidiary EcoChain, Inc.
For more information about the Company, please visit https://www.mechtech.com.
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SOURCE Mechanical Technology, Incorporated