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.
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