eMagin Corporation Announces $2 Million Registered Direct Offering of Common Stock
April 04 2019 - 9:00AM
Business Wire
eMagin Corporation, or the “Company” (NYSE AMERICAN:EMAN), a
leader in the development, design and manufacture of Active Matrix
OLED microdisplays for high resolution imaging products, today
announced that it has agreed to sell 4 million shares of its common
stock to an institutional investor at a purchase price per share of
$0.50 in a registered direct offering. The gross proceeds to the
Company are expected to be approximately $2.0 million before
deducting placement agent fees and other offering expenses. The
Company intends to use the net proceeds for working capital and
other general corporate purposes.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
eMagin Corporation has also agreed to issue to the investor
unregistered warrants to purchase up to 3 million shares of common
stock at an exercise price of $0.78 per share. The warrants are
exercisable six months following issuance and will expire five and
one half years from the issuance date.
The closings of the registered direct offering and the
concurrent private placement are expected to occur on or about
April 8, 2019, subject to the satisfaction of customary closing
conditions.
The shares of common stock (but not the warrants or the shares
of common stock underlying the warrants) are being offered by the
Company pursuant to a "shelf" registration statement on Form S-3
(File No. 333-218838) that was originally filed on June 20, 2017
and declared effective by the Securities and Exchange Commission
("SEC") on July 11, 2017, and the base prospectus contained
therein. The offering of the shares of common stock is being made
only by means of a prospectus supplement that forms a part of the
registration statement. A final prospectus supplement and
accompanying base prospectus relating to the shares of common stock
being offered will be filed with the SEC. Copies of the final
prospectus supplement and accompanying base prospectus may be
obtained, when available, on the SEC's website at
http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC
at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
646-975-6996 or e-mail at placements@hcwco.com.
The warrants described above were offered in a private placement
pursuant to an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended (the “Act”),
and, along with the common stock issuable upon their exercise, have
not been registered under the Act, and may not be offered or sold
in the United States absent registration with the SEC or an
applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About eMagin Corporation
A leader in OLED microdisplay technology, OLED microdisplay
manufacturing know-how and mobile display systems, eMagin
manufactures high-resolution OLED microdisplays and integrates them
with magnifying optics to deliver virtual images comparable to
large-screen computer and television displays in portable,
low-power, lightweight personal displays. eMagin’s microdisplays
provide near-eye imagery in a variety of products from military,
industrial, medical and consumer OEMs. More information about
eMagin is available at www.emagin.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about eMagin,
including but not limited to statements with respect to eMagin’s
plans to consummate its proposed registered direct offering of
common stock and warrants. eMagin may use words such as “expect,”
“anticipate,” “project,” “intend,” “plan,” “aim,” “believe,”
“seek,” “ estimate,” “can,” “focus,” “will,” and “may” and similar
expressions to identify such forward-looking statements. Among the
important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are risks relating to, among other things, whether or not eMagin
will be able to raise capital, the final terms of the registered
direct offering of common stock and warrants, market and other
conditions, the satisfaction of customary closing conditions
related to the registered direct offering of common stock and
warrants, eMagin’s business and financial condition, and the impact
of general economic, industry or political conditions in the United
States or internationally. For additional disclosure regarding
these and other risks faced by eMagin, see disclosures contained in
eMagin’s public filings with the SEC, including the “Risk Factors”
in the company’s Annual Report on Form 10-K for the year ended
December 31, 2018, and under the heading “Risk Factors” of the
prospectus supplements for this offering. You should consider these
factors in evaluating the forward-looking statements included in
this press release and not place undue reliance on such statements.
The forward-looking statements are made as of the date hereof, and
eMagin undertakes no obligation to update such statements as a
result of new information.
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version on businesswire.com: https://www.businesswire.com/news/home/20190404005415/en/
eMagin CorporationJeffrey Lucas, President & Chief Financial
Officer845-838-7900jlucas@emagin.com
Affinity Growth AdvisorsBetsy
Brod212-661-2231betsy.brod@affinitygrowth.com
eMagin (AMEX:EMAN)
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