By Sheri Kasprzak
Atlanta, Nov. 3 - eMagin Corp. said Wednesday it has received $2.9 million from the sale of common stock and warrants in a registered offering.
Under the agreement, investors bought 2,740,476 shares at $1.05 per share and series F common stock purchase warrants for 1,370,238 shares at $1.21. The warrants are exercisable from April 25, 2005 through April 25, 2010.
The securities were sold under eMagin's shelf registration to accredited investors.
eMagin said Oct. 26 it received $10.8 million through a private placement of common stock and warrants. Together with this most recent financing, the company has received $13.7 million.
In the deal closed Oct. 26, investors bought 10,259,524 shares at $1.05 per share and series F common stock purchase warrants to buy 5,129,762 shares of common stock at $1.21 per share. The warrants are exercisable from April 25, 2005 through April 25, 2010.
W.R. Hambrecht & Co. served as placement agent, and Larkspur Capital Corp. served as an adviser in both deals.
eMagin, based in Hopewell Junction, N.Y., is a virtual imaging technology company. The company plans to use the funds from this most recent deal to buy inventory and capital equipment and to hire additional sales and support staff.
| Issuer: | eMagin Corp.
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| Issue: | Stock
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| Amount: | $2.9 million
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| Shares: | 2,740,476
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| Price: | $1.05
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| Warrants: | Series F common stock warrants for 1,370,238 shares
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| Warrant expiration: | From April 25, 2005 to April 25, 2010
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| Warrant strike price: | $1.21
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| Placement agent: | W.R. Hambrecht & Co.
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| Financial adviser: | Larkspur Capital Corp.
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| Announcement date: | Nov. 3
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| Settlement date: | Oct. 29
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| Stock price: | $1.02 at close on Oct. 29
|
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