ALBANY, N.Y.--Mechanical Technology Inc. (NASDAQ: MKTY) announced that it has applied to transfer its common stock listing from the Nasdaq Global Market to the Nasdaq Capital Market. The company no longer meets the continued listing standards for the Nasdaq Global Market because, as reported in its Quarterly Report on Form 10-Q for the period ended June 30, 2008, the company no longer satisfies the $10 million minimum stockholders’ equity requirement set forth in Marketplace Rule 4450(a)(3).
The company received a Staff Deficiency Letter from the Nasdaq Stock Market regarding its failure to meet this minimum stockholders’ equity requirement on August 20, 2008. After evaluating the letter, the Company determined that at this time it was more advantageous to pursue a transfer to the Nasdaq Capital Market than attempting to maintain its listing on the Nasdaq Global Market.
MTI is primarily engaged in the development and commercialization of Mobion off-the-grid portable power solutions through its subsidiary MTI MicroFuel Cells Inc. (“MTI Micro”). MTI Micro has a team of entrepreneurial business executives, researchers and scientists; a proprietary direct methanol micro fuel cell power system and a number of system prototypes demonstrating size reductions and performance improvements; and related intellectual property. MTI Micro has received government funding and developed strategic partnerships to facilitate efforts to achieve commercialization. MTI is also engaged in the design, manufacture, and sale of test and measurement instruments and systems through its subsidiary MTI Instruments Inc.