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eMagin to Raise $6 Million in Equity Offering

Will be used for upgrading manufacturing equipment, balancing the production line and improving yield.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

eMagin Corporation entered into a definitive securities purchase agreement with certain investors providing for the issuance, in a registered direct offering, of approximately $6,000,000 of common stock at a price per share of $1.50 and five and one half year warrants to purchase up to 2,600,000 shares of common stock at an exercise price of $2.05.  The warrants will become exercisable six months from the date of the closing of the offering.
 
“It provides the capital to upgrade our manufacturing equipment, balance our production line and improve our yield,” said Andrew Sculley, president and CEO. “This capacity expansion will position us for growth as we provide our customers the range of products they demand and move ahead in our development of products for the commercial headset market.”
 
The closing of the sale of the securities is expected to take place on or about Dec. 23, 2015, subject to satisfaction of customary closing conditions.

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