OLED microdisplay maker eMagin announced that it is set to raise $6.6 million in an underwritten offering. eMagin will sell shares and warrants to a single institutional investor and to Stillwater LLC. The shares are priced at $2 and the warrants have an exercise price of $2.45 (the current eMagin share price is $2.5).
eMagin is currently losing money, and at the end of the previous quarter had only $3.8 million in cash and equivalents. eMagin is looking to increase production capacity as it enters the consumer display market and is seeking a production partner.