eMagin, the OLED microdisplay maker, has entered into an agreement with Craig-Hallum Capital Group that will allow them to raise up to $4.5 million. The proceeds from the sale of shares will be used for "general corporate purposes, including R&D, sales and marketing, and working capital".

eMagin XGA096 OLED-XL photoeMagin XGA096 OLED-XL

It's been years since eMagin raised new funds as the company has been generating cash for most of the time. The company says they are making good progress on direct-patterned OLEDs and their new microdisplay-based HMD prototype. It's likely that these projects require more cash then the company currently has. As of the end of Q2 2015, eMagin had 5.4 million in cash and equivalents.

Disclosure: the author of this post holds shares in eMagin 

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eMagin

An awesome company.. I wish them luck in the HMD market!! HDR 10bit fast global update (120 hz) micro-oleds with lack of screendor? Count me in!