Another floorless: Amex: EMA @ $0.44 (eMagin), a maker of OLED products and display technology.. Interesting technology but company in need for cash. As always. I'm waiting on the sidelines, watching for the time being..
sec.gov
On September 19, 2001, SK Corporation ("SK"), an affiliate of SK Group of Korea
and eMagin Corporation ("eMagin" or the "Company") announced SK's investment as
part of a strategic alliance of $3,000,000 in eMagin Corporation (the
"Transaction") pursuant to a Securities Purchase Agreement between SK and eMagin
dated as of September 18, 2001 (the "Closing Date"). For its $3 million
investment in eMagin, SK received (i) the Company's 4% Series A Convertible
Debentures (the "Debentures") in the aggregate principal amount of $3,000,000,
and (ii) warrants ("Warrants") exercisable for a period of three (3) years to
purchase 205,479 shares of common stock of eMagin. Interest is payable on the
Debentures at a rate of 4% per annum and, at the option of the Company, may be
paid through the delivery of shares of common stock of the Company (registered
pursuant to the Registration Rights Agreement referred to below) in lieu of cash
interest payments. Subject to certain limitations, the Debentures may be
converted, at the option of the holder, in whole or in part, into common shares
with a conversion price equal to 105% of the volume weighted average of the
closing prices of the Company's common shares as reported on The American Stock
Exchange for the ten (10) trading days immediately preceding the Closing Date.
The Debentures also contain certain redemption rights for the benefit of the
holder for a period commencing on September 19, 2002. The Debentures, the
Warrants, and the common stock issuable thereon also contain prohibitions on
transfer for a period of one (1) year from the Closing Date.
rgrds
CROSSY |
