Mechanical Technology, which provides analytical tools and solutions for industrial and other industries, filed on Wednesday with the SEC to raise up to $12 million in an initial public offering. The company is currently listed on the OTCQB (MKTY).
The company operates its core business segments through its wholly-owned subsidiaries MTI Instruments and EcoChain. MTI Instruments is a supplier of vibration measurement and system balancing solutions, precision linear displacement sensors, instruments and system solutions, and wafer inspection tools, serving markets that require engine balancing and vibration analysis systems for both military and commercial aircraft, the precise measurements and control of products and processes in automated manufacturing, assembly, and consistent operation of complex machinery, and metrology tools for semiconductor and solar wafer characterization. EcoChain engages in cryptocurrency mining.
The Albany, NY-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 under the symbol MKTY. Univest Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
