eMagin announced that it raised $10.8 million through direct equity placement. Investors agreed to purchase 10,259,524 common stock shares at a price of $1.05 per share. The company sold 5,129,762 warrants to purchase shares at an exercise price of $1.21 per share (executable till April 2010). The placement agent was WR Hambrecht + Co.
This money will be used for general corporate purposes, including the purchase of inventory, capital equipment, and hiring of additional sales and support personnel.