By Devika Patel
Knoxville, Tenn., Dec. 18 - eMagin Corp. said it will conduct a $4.03 million private placement of series B convertible preferred shares.
The series B convertible preferred stock has a stated value of $1,000 per preferred, has no dividend and has no mandatory redemption date.
The preferreds may be converted into common shares at $0.75.
Proceeds will be used exclusively to retire the company's outstanding 8% senior secured convertible notes, which mature on Dec. 21.
Based in Bellevue, Wash., eMagin produces electronic displays.
Issuer: | eMagin Corp.
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Issue: | Series B convertible preferred shares
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Amount: | $4,033,000
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Conversion price: | $0.75
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Warrants: | No
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Pricing date: | Dec. 18
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Stock symbol: | OTCBB: EMAN
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Stock price: | $0.38 at close Dec. 17
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Market capitalization: | $5.71 million
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