Albany, New York – 
formerly Mechanical Technology, Inc., the parent company of Soluna Computing,
Inc. (“SCI”), a cryptocurrency mining business powered by renewable energy, and
MTI Instruments, Inc. (“MTI Instruments”), a test and measurement instruments
and systems business, today announced that its Board of Directors has declared
the regular monthly dividend on its shares of 9.0% Series A Cumulative
Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred
Stock”). The dividend will be payable on or about December 31, 2021, to holders
of the Series A Preferred Stock of record as of the close of business on
December 17, 2021, for the month ended December 31, 2021. Future dividends on
the Series A Preferred Stock will be payable when, as and if declared by the
Board of Directors monthly in arrears on the final day of each month or the
next business day at an annual rate of 9.0% of the $25.00 liquidation
preference per share.
The Series
A Preferred Stock trade on the Nasdaq Stock Market LLC under the symbol
“SLNHP”.
About SHI
SHI is the
parent company of MTI Instruments, Inc. and SCI. Through SCI, SHI develops
cryptocurrency mining facilities powered by renewable energy that integrate
with the blockchain network. Through MTI Instruments, SHI is engaged in the
design, manufacture and sale of test and measurement instruments and systems
that use a comprehensive array of technologies to solve complex, real-world
applications in numerous industries. Those include manufacturing, electronics,
semiconductor, solar, commercial and military aviation, automotive and data
storage. For more information about SHI, please visit https://www.solunacomputing.com.
Forward Looking Statements
The
statements in this press release with respect to the payment of dividends on
the Series A Preferred Stock constitute forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements reflect
management’s current expectations, as of the date of this press release, and
are subject to certain risks and uncertainties that could cause actual results
to differ materially from future results expressed or implied by such
forward-looking statements. Actual results could differ materially from those
expressed or implied by such forward-looking statements as a result of various
factors, including, but not limited to: (1) those risk factors set forth in the
Company’s Registration Statement on Form S-1 (File No. 333-257300), as amended;
and (2) other risks and uncertainties that may be detailed from time to time in
SHI’s reports filed with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
made. Except as required by law, the Company assumes no obligation to update or
revise any forward-looking statements.
Contact
Information:
Lisa
Brennan
lbrennan@mtiinstruments.com
Investor
Relations:
Kirin
Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com