OLED microdisplay maker eMagin announced that it plans to raise $11.5 million in an underwritten public offering. eMagin offers a combination of shares and warrants at a price of $1.35 per share and associated warrant (which has an exercise price of $1.55 per share). The offering is set to close on January 29.
In addition to this public placement, some of the company's directors and offices have agreed to purchase $275,000 of shares of common stock of the Company, together with warrants to purchase shares of common stock. The net proceedings of these two oplacements will total $10.6 million.
eMagin recently announced its preliminary financial results for Q4 2017, with revenues expected to be between $6.2 million to $6.4 million (35% to 39% increase from Q4 2016). The company's backlog for 2018 is $9.8 million - an increase of 53% compared to the backlog entering 2017.
Disclosure: the author of this post holds some shares in eMagin