RG Capital Management buys 2.77 million shares of Mechanical Technology
RG Capital Management buys 2.77 million shares of Mechanical Technology The Business Review (Albany) - 2:41 PM EST Friday Print this Article Email this Article Reprints RSS Feeds Most Viewed Most Emailed A Cayman Islands company has taken a 7.3 percent stake in Mechanical Technology Inc.
Mechanical Technology, an Albany, N.Y., maker of precision instruments and micro fuel cells, announced Dec. 15 that it was selling about six million shares of its common stock to three investors. It plans to use the approximately $10.3 million proceeds primarily to support further development and commercialization of Mobion fuel-cell technology.
Mechanical Technology did not disclose the names of the three investors, but on Dec. 22 RG Capital Management LP of the Cayman Islands filed a statement with the U.S. Securities and Exchange Commission revealing that it had purchased 2.77 million shares of the Albany company. RG also acquired warrants to purchase another 1.38 million shares of Mechanical Technology (Nasdaq: MKTY).