MTI shareholders approve 8-to-1 reverse stock split

Shareholders voted overwhelmingly Thursday to effect an 8-to-1 reverse split of Mechanical Technology Inc's. common stock to rescue the Albany, N.Y.-based company from possible de-listing on the stock market.

In December, the Securities and Exchange Commission gave MTI (Nasdaq: MKTY) until July 7 to raise its stock price to $1. Sales closed Tuesday at 43 cents per share.

Mechanical Technology's public accounting firm, PricewaterhouseCoopers LLP, earlier this year "expressed substantial doubt about the company's ability to continue as an ongoing concern."

Content Continues Below

MTI designs test instruments and micro fuel cells for portable devices such as cell phones and cameras. It is the parent company to MTI Instruments and MTI MicroFuel Cells Inc.

The Albany, N.Y.-based company showed a net loss of $3.16 million, or 8 cents a share, for the quarter ending March 31, compared to a net loss of $3.19 million, or 8 cents a share, last year. It reported revenue of $2.32 million, up from $2.15 million a year ago.

This year, the company announced three prototypes involving its new Mobion technology: a charging device, a power pack accessory for digital cameras and an embedded fuel cell for a handheld global positioning system (GPS). It's expected one of the products will be online in late 2009.