eMagin Corporation Announces Closing of $2 Million Registered Direct Offering
April 11 2019 - 5:04PM
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 the closing of its previously
announced $2.0 million registered direct offering of immediately
exercisable pre-funded warrants to purchase up to 4 million shares
of the Company’s common stock at a purchase price of $0.49 per
warrant and an exercise price of $0.01 per share. In a concurrent
private placement, the Company also issued to the investor in the
registered direct offering unregistered warrants to purchase up to
3 million shares of the Company’s common stock at an exercise price
of $0.78 per share. The unregistered warrants are exercisable six
months following issuance and will expire five and one-half years
from the issuance date.
The Company intends to use the net proceeds from the offering
for working capital and other general corporate purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent
for both the registered direct offering and the private
placement.
The pre-funded warrants (but not the unregistered warrants or
the shares of common stock underlying the unregistered warrants)
were 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 pre-funded
warrants was 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
pre-funded warrants was filed with the SEC. Copies of the final
prospectus supplement and accompanying base prospectus may be
obtained 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 unregistered 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
use of the net proceeds from the offering. 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, market
and other conditions, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190411005881/en/
eMagin CorporationJeffrey Lucas, President & Chief Financial
Officer845-838-7900jlucas@emagin.comAffinity Growth AdvisorsBetsy
Brod212-661-2231betsy.brod@affinitygrowth.com
eMagin (AMEX:EMAN)
Historical Stock Chart
From Aug 2024 to Sep 2024
eMagin (AMEX:EMAN)
Historical Stock Chart
From Sep 2023 to Sep 2024