Zeev:
How can a distorted right offering drive the underlying stock [MKTY] rising significantly? Do you think it is a trap to suck small fish?
Today is the last day of the right offering, the stock jumped 15% percent, am I looking for the fall?
ip
Mechanical Technology Incorporated Announces Intent to Release 125,000 Shares For Rights Offering Over-Subscription And Pre-Releases Third Quarter Results
LATHAM, N.Y., July 2 /PRNewswire/ -- Mechanical Technology Incorporated (Nasdaq: MKTY - news) announced today that it has received inquiries regarding the availability of over-subscription shares for its Rights Offering. The Company currently intends to make the 125,000 additional shares available for over- subscription as part of the Rights Offering which expires on July 9, 1999.
Because of the outstanding Rights Offering to purchase 801,223 shares of stock which expires on July 9, 1999, Mechanical Technology announced that it is pre-releasing its preliminary results for the third fiscal quarter ended June 25, 1999.
The Company expects a net loss for the third fiscal quarter of 1999 of approximately $3,100,000, which is consistent with the loss in the second fiscal quarter of 1999 of $2,560,000 and compared with net income in the third quarter of 1998 of $869,000.
Actual results for the third quarter will be announced later this month and actual results may vary from the preliminary results.
Mechanical Technology Incorporated is a manufacturer of advanced products that combine precision sensing capabilities with proprietary software to serve a variety of applications for the commercial and military aviation, computer equipment and energy conversion markets. Its products include: sensing instruments and computer-based balancing systems for aircraft engines; vibration test systems and power conversion products. The Company's Plug Power joint venture is developing PEM fuel cells for residential power generation for distribution by Detroit Edison and General Electric. |
