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First Albany, an Albany-based boutique investment firm, sold blocks of 10,000 to 120,000 shares of MTI between June 1 and June 15; prices ranged from $3.30 to $3.67. Overall, the sales raised $1.2 million, according to a filing with the U.S. Securities and Exchange Commission.

First Albany now owns about 2.1 million shares, or 7.3 percent, of MTI, which develops miniature fuel cells for hand-held devices and makes precision instruments.

First Albany said last year that MTI was acting as a drag on earnings, and so would begin divesting itself of the company once an agreement expired in December that prevented it from selling any shares.

The first round of selling took place between March 30 and April 26. In that sale, 244,449 shares went for about $1 million.

First Albany acquired the stock in 1996, when First Albany chairman and then-chief executive George McNamee engineered a hostile takeover of MTI. McNamee obtained a 29 percent stake in the company and became its chairman and CEO. But steady losses from MTI subsequently hurt First Albany's profitability, and the company decided to divest.

In the three months that ended March 31, First Albany lost $6.9 million -- and of that, $3.8 million came in its investment portfolio, which includes the stake in MTI.

First Albany shares (Nasdaq: FACT) closed unchanged Monday at $5.85. MTI shares (Nasdaq: MKTY) were down 6 cents to $3.90.