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Energy Efficient Rotating Machinery and Instrumentation Manufacturer MECHANICAL TECHNOLOGY Files for $12 Million US IPO
2021-03-12

Esther Thin

Mechanical Technology Incorporated, an energy-efficient rotating machinery and instrumentation manufacturer, has filed Form S-1 Registration Statement on March 10, 2021 with the U.S. Securities and Exchange Commission to raise up to $12 million IPO. Pricing terms are yet to announce.

The company is currently listed on the OTCQB. The company has a rich history of technological experience in providing technical advances to support American industry and defense agencies, and in developing related proprietary products, including gas-lubricated bearings, sensors, compressors, steam turbines, high-efficiency engines and fuel cells for industrial equipment and hand-held devices.

The Albany, New York-based company was founded in 1961 and booked $9 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq Capital Market under the symbol “MKTY.” Univest Securities is the underwriters of the IPO.

The company engages Sullivan & Worcester LLP as US Securities Counsel, and Wojeski & Company, CPAs, P.C. as Independent Auditor.

#ipo #nasdaq #Mechanical #technology #energy #equipment #instrumentation

 

 

 

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