8-K
Soluna Holdings, Inc (SLNH)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
WASHINGTON,D.C. 20549
FORM 8-K
CURRENTREPORT
PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) June 10, 2021
MECHANICALTECHNOLOGY, INCORPORATED
(Exact name of registrant as specified in its charter)
| Nevada | 000-06890 | 14-1462255 |
|---|---|---|
| (State<br> or other jurisdiction<br><br> of Incorporation) | (Commission<br><br> File Number) | (IRS<br> Employer<br><br> Identification Number) |
| 325 Washington Avenue Extension<br><br> <br>Albany, New York | 12205 | |
| --- | --- | |
| (Address<br> of registrant's principal executive office) | (Zip<br> code) |
(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):
| ☐ | Written communications<br> pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant<br> to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications<br> pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications<br> pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value<br> $0.001 per share | MKTY | The Nasdaq Capital Market |
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. ☐
Item2.02 Results of Operations and Financial Condition
On June 10, 2021, Mechanical Technology, Incorporated (the “Company”) issued a press release announcing its financial and business highlights for the month ended May 31, 2021. The press release is attached hereto as Exhibit 99.1 under Item 9.01 of this Current Report on Form 8-K (this “Form 8-K”) and is incorporated by reference herein.
Additionally, on June 10, 2021, the Company delivered to the Company’s stockholders a presentation of the Company’s results for the month ended May 31, 2021. The Company released presentation materials that incorporate the Company’s monthly results, a discussion of each business segment and recent business highlights. The materials of the presentation are available at the Company’s website, specifically located at https://ecochainmining.com/news/monthlyflashmay2021/.
Item8.01 Other Events
Reference is made to the disclosure in Item 2.02 of this Form 8-K, which disclosure is incorporated herein by reference.
The information contained in this Form 8-K provided under Item 8.01 and Exhibit 99.1 attached hereto are furnished to, but shall not be deemed filed with, the Securities and Exchange Commission (the “SEC”) or incorporated by reference into the Company's filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Forward-LookingStatements
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 SEC. 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.
Item9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release of Mechanical Technology, Incorporated dated June 10, 2021. |
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.
| MECHANICAL TECHNOLOGY, INCORPORATED | ||
|---|---|---|
| Date: June 10, 2021 | By: | /s/ Jessica<br> L. Thomas |
| Name: | Jessica L. Thomas | |
| Title: | Chief Financial Officer |
Exhibit 99.1
EcoChain, Inc. Reports Monthly Site Level Financials as it Continues to Scale Up
ALBANY,N.Y., June 10, 2021 /PRNewswire/ – EcoChain, Inc. (“EcoChain”), a wholly-owned subsidiary of Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), a cryptocurrency mining business powered by renewable energy, today announced the release site level results by month through May.
As previously communicated, EcoChain has released its site level financial flash, including revenue, adjusted cost of cryptocurrency revenue and contribution margin.
Michael Toporek, CEO of the Company commented “We are pleased to make this first monthly disclosure of EcoChain’s revenue and contribution margin by location. It is the first of what will now be regular releases of monthly results. We continue to disclose information that is consistent with our ethos of transparency and accountability to stockholders. We sincerely hope that investors find this information useful when reviewing our operating performance.”
KeyHighlights:
| • | Combined<br> EcoChain revenue of $560 thousand and contribution margin of $440 thousand for April 2021 |
|---|---|
| • | Combined<br> EcoChain revenue of $618 thousand and contribution margin of $503 thousand for May 2021 |
| --- | --- |
| • | Combined<br> EcoChain revenue of $2.2 million and contribution margin of $1.7 million for all of 2021 |
| --- | --- |
Click here to access the presentation and video:
https://ecochainmining.com/news/monthlyflashmay2021/
AboutEcoChain, Inc.
EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining. For more information about EcoChain, please visit www.ecochainmining.com.
ForwardLooking 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.
ContactInformation:
Lisa Brennan
lbrennan@mtiinstruments.com
InvestorRelations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com