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Technology Stocks : OLED Universal Display Corp -- Ignore unavailable to you. Want to Upgrade?

To: Manx who wrote (191)	1/4/2002 10:32:01 AM
From: Savant	Respond to of 29732

Universal Display Corporation (NASDAQ:PANL; PHLX:PNL), a leading developer of flat panel display technology, announced today that it has received $5 million, representing the balance of the purchase price for the preferred stock it sold to investors in August 2001. Investors in the private placement also agreed to convert the entire $10 million preferred stock investment into common stock at an effective price of $9.45 per common share. Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display Corporation, said, "We are extremely pleased that our institutional investors have agreed to fund the balance of the purchase price of the preferred stock and immediately convert it into common stock. This voluntary action at a price above the current market price reflects strong support of our Company and its future." In August the Company announced a $25 million private placement, consisting of $10 million of convertible preferred stock and $15 million of secured convertible debentures. In August, $5 million of the preferred stock and $15 million of the secured convertible debentures were funded. Today's announced funding represents the second $5 million preferred stock portion and therefore, the total financing. In an adjustment to the original agreement between the Company and the investors, all of the preferred stock is convertible at $9.45 per share and will convert into common stock. As a further adjustment to the agreement, the life of the warrants have been extended to 10 years and the conversion price set at $9.9275. Gerard Klauer Mattison & Co., Inc. acted as financial advisor and exclusive placement agent to the Company in connection with the financing. S.