OSA-Direct
Wednesday, 19 Dec 2018

eMagin Corp announces pricing of its US$11.5 million upsized underwritten public offering

eMagin expects to receive net proceeds of US$10.6 million from the public offering and the concurrent private placement, after deducting underwriting discounts and commissions and estimated expenses


2 Feb 2018 | Editor

eMagin Corp recently announced that it has priced an underwritten offering of an aggregate of 8,527,918 shares of common stock of the Company and warrants to purchase up to 3,411,168 shares of common stock of the Company.

Each share of common stock is being sold together in a fixed combination with a warrant to purchase four tenths of one share of common stock at an offering price of US$1.35 per share and associated warrant. The warrants will have an exercise price of US$1.55 per share of common stock and a term of five (5) years, exercisable upon the date of issuance. The Company has granted the underwriters a 30-day option to purchase up to 1,279,187 additional shares of common stock and/or additional warrants to purchase up to 511,674 shares of common stock at the public offering price, less underwriting discounts and commission, to cover over-allotments, if any. The offering is expected to close on or about January 29, 2018, subject to satisfaction of customary closing conditions.

Craig-Hallum Capital Group LLC is acting as the sole book-running manager and H.C. Wainwright & Co. is acting as the co-manager in connection with the offering.

In a concurrent private placement, certain of the Company’s directors and officers have agreed to purchase US$275,000 of shares of common stock of the Company, together with warrants to purchase shares of common stock of the Company, at the public offering price per fixed combination. The sale of such shares of common stock and warrants in the concurrent private placement will not be registered under the Securities Act of 1933, as amended.

The Company expects to receive net proceeds of US$10.6 million from the public offering and the concurrent private placement, after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds of the public offering and the concurrent private placement for working capital and general corporate purposes.

The securities described in the public offering are being offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-222375) which was declared effective by the Securities and Exchange Commission (the “SEC”) on January 24, 2018, and an additional registration statement on Form S-1 filed pursuant to Rule 462(b) (File No. 333- 222682), which became automatically effective on January 24, 2018.

www.emagin.com   


About eMagin

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 microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs.

Source: eMagin


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