Deal also includes five-year warrants for 2.6 million common shares
By Devika Patel
Knoxville, Tenn., Dec. 18 – eMagin Corp. said it has arranged a $6 million registered direct offering of stock. Craig-Hallum Capital Group, LLC is the agent for the deal, which priced Dec. 17.
The company will sell 4 million common shares at $1.50 apiece. The price per share represents a 14.29% discount to the Dec. 16 closing share price of $0.35.
The investors will also receive warrants for 2.6 million shares, which are each exercisable at $2.05 for five years. The strike price is a 14.29% premium to the Dec. 16 closing share price.
Settlement is expected Dec. 23.
Proceeds will be used for working capital and general corporate purposes.
Based in Vienna, Va., Cel-Sci develops treatments for cancer and infectious diseases.
| Issuer: | eMagin Corp.
|
| Issue: | Common shares
|
| Amount: | $6 million
|
| Shares: | 4 million
|
| Price: | $1.50
|
| Warrants: | For 2.6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.05
|
| Agent: | Craig-Hallum Capital Group, LLC
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 23
|
| Stock symbol: | Amex: CVM
|
| Stock price: | $0.35 at close Dec. 16
|
| Market capitalization: | $81.59 million
|
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