Thursday, Mechanical Technology, Inc. (MKTY) announced an amendment to its registration statement on Form S-1 filed on May 22, 2008 with the U.S. Securities and Exchange Commission, due to current market conditions. The amendment converts the company's proposed public offering to convertible senior notes and warrants to purchase shares of MTI common stock. Mechanical Technology's previous registration statement offered shares of common stock and warrants to purchase shares of common stock.
The company plans to use the net proceeds from the offering for research, design, tooling and capital expenditures to support the commercialization of its Mobion portable power source products and working capital as well as general corporate needs.
For comments and feedback: editorial@rttnews.com