A Cayman Islands company has taken a 7.3 percent stake in Mechanical Technology Inc. (Nasdaq: MKTY) by purchasing 2.77 million shares.
Mechanical Technology, based in Albany, N.Y., makes precision instruments and micro fuel cells. On Dec. 15 it the sale of about six million shares to three undisclosed investors for a total of $10.3 million. The proceeds will be used to continue development and commercialization of its Mobion fuel-cell technology.
On Dec. 22, RG Capital Management of the Cayman Islands filed a statement with the SEC revealing its purchase of 2.77 million shares and warrants for an additional 1.38 million shares.
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