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eMagin Corporation Enters Into Early Warrant Exercise Transaction

Company is looking to raise approximately $4.5 million in gross proceeds.

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By: DAVID SAVASTANO

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

On Aug. 18, 2016, eMagin Corporation entered into an early warrant exercise transaction with certain of the company’s warrant holders through a letter agreement between such warrant holders and the company to raise approximately $4.5 million in gross proceeds. A portion of the proceeds from the transaction will be utilized to fund the company’s growth initiatives with consumer AR/VR partnerships and for the company’s consumer product launch in Q4 2016.
 
As an incentive for the warrant holders exercising their warrants in full, the warrant holders will be issued new warrants to purchase up to 2,947,949 unregistered shares of the company’s common stock, in the aggregate, at an exercise price of $2.60 per share, through a private placement.
 
Approximately $4.5 million of the company’s warrants have been exercised during the exercise period representing 2,216,500 of the total warrants outstanding. The remaining warrants continue to be exercisable at a price of $2.05 at any time prior to June 23, 2021.

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