A Cayman Islands-based RG Capital Management buys 2.77 million shares of Mechanical Technology
RG Capital Management of the Cayman Islands has taken a 7.3% stake in Mechanical Technology Inc.
Mechanical Technology, deals with producing precision instruments and micro fuel cells. On December 15, 2006, the Albany company announced it was selling about 6 million shares of its common stock to 3 investors. Approximately USD 10.3 million proceeds are planned to be spent primarily to support further development and commercialization of Mobion fuel-cell technology.
At the announcement, Mechanical Technology did not disclose the names of the 3 investors, however later. on December 22, 2006, RG Capital Management LP filed a statement with the US Securities and Exchange Commission to reveal having purchased 2.77 million shares of the Mechanical Technology. It also acquired warrants in order to purchase another 1.38 million shares of Mechanical Technology.